mid term outlook

Medium-term Outlook (Spot Gold)
Gold prices are expected to trade within the range $837 - $770. Breaking of either level may decide the direction. $801 may act as the major resistance followed by $824 and $836. Supports are $754 and $744.

Oil prices edged higher yesterday but failed to cross above $90 a barrel. Traders are awaiting the OPEC decision regarding increasing the output, when the cartel meets later this week. Even though a raise in output is widely expected, the signals from the member countries have been mixed of late especially after the sharp decline in prices in the past week.

Crude oil January in NYMEX traded in the range $87.14 - $89.99 and closed at $89.31 ($88.71).
Last day, MCX gold February opened at 10155, traded in the range of Rs 10026 – Rs 10203 and closed at Rs 10153 per 10 gram.
Copper February in MCX opened at 280.05, traded in the range 280.10– 269.20 and closed at Rs 269.70 per kg.