Intraday Outlook

Bullions

U.S. COMEX December gold futures settled down $7.70 at $1,775.60 an ounce, with trading volume about 20 percent below its 250-day average. Gold remained flat on Tuesday as market awaited Nonfarm payroll data due this week. This could show a smaller impact of recent QE3 taken by US government and provide direction to the market. Economic uncertainty in Spain showed some relief as its prime minister said on Tuesday that a request for European aid was not on the cards. At the same time rating agency Moody’s can lower its investment grade anytime this month. Gold remained flat on Wednesday too as investors are clearing off their positions and being away from making new positions due to upcoming Nonfarm payroll this week. Indian markets remained closed on Tuesday on observance of national holiday for Gandhi Jayanti. On Monday Indian remained down compared to international mainly due to stronger rupee. Gold for December delivery on the Multi Commodity Exchange (MCX) was 0.38 percent  lower at INR31,415/10gms. After hitting the low of INR 31331/10gms.

Energy

U.S. November crude fell 59 cents, or 0.64 percent, to settle at $91.89 a barrel, having reached $92.94 before falling to $91.78 in post-settlement trading. U.S. crude futures fell on Tuesday as concerns about slowing economic growth and limited demand for petroleum weighed on oil prices while investors overlooked supportive concerns about the risk of supply disruptions. Iraqi oil production is likely to hit 3.4 million barrels per day (bpd), while exports are expected to average 2.9 million bpd next year. U.S. crude slipped below $92 a barrel on Wednesday, pressured by worries of slowing economic growth in the main consumer nations, while the  worsening euro zone debt crisis added to uncertainty. U.S. natural gas futures ended higher on Tuesday for a sixth day, as cool forecasts for the Northeast and Midwest and rising demand offset early profit taking and technical selling after recent  strong gains. Front-month gas futures on the New York Mercantile Exchange ended up 5.1 cents, or 1.5 percent, at $3.531 per million British thermal units after climbing overnight to a new 2012 high of $3.546.

Base Metals

In New York, COMEX copper for October delivery raised 2.00 cents to settle at $3.793 per lb, after dealing between $3.7925 and $3.7895 Falling dollar on Tuesday resulted an upward movement in copper whereas Europe’s debt crisis and coming US Nonfarm payroll data restricted the rise. Weaker Euro against dollar limited the copper prices to shoot up as stronger dollar makes copper more costly to buy. London copper edged down on Monday on worries over global economic growth after two indicators showed China's factory sector is still shrinking, while concerns over Spain's banks and prospects for a bailout limited appetite for risk. Three-month copper on the London Metal Exchange closed 0.3 percent higher at $8,325.50 a ton, coming off an intraday high of $8,379.75. It extended gains from Monday, when it rose about one percent.                                                                         

Commodity Buy/Sell Entry Target-1 Target-2 Stop Loss

Gold- Dec Sell 31400 - 31450 31100 30900 SL31700

Silver- Dec Sell 62800 - 63300 61500 61000 SL64000 

Copper – Nov Sell 440 - 442 433 430 SL445    

Zinc – Oct Sell 110 – 111 108 107 SL112

Nickel – Oct Sell 970– 980 950 940 SL990

Lead – Oct Sell 120 – 121 118 117 SL122

Aluminum – Oct Sell 110 – 111 108 107 SL112

Crude oil – Oct Sell 4840 – 4865 4800 4775 SL4880

Natural Gas– Oct Sell 181 - 183 178 175 SL185