Broking firm SMC Global gave following outlook on bullions, base metals and energy segments:

Bullions: Bullion counter may remain sideways with upside bias continuing yesterday gains but not much movement will be seen as US markets are closed today due to thanks giving holiday. The gold and silver markets showed little reaction to news reports at midday Wednesday that Israel and Hamas had agreed to an Egyptian-brokered ceasefire. Meanwhile some strength in domestic currency rupee will cap the upside in MCX. On domestic bourses Gold can trade in range of 31,700-32,000 while Silver can trade in range of 61,500-62,600 in near term.

Base Metals: Base metals counter may trade on positive path as investors will eye the euro zone PMI data scheduled today while China’s manufacturing may expand in November for the first time in 13 months, adding to signs that economic growth is rebounding after a seven-quarter slowdown. The preliminary reading was 50.4 for a purchasing managers’ index released today by HSBC Holdings Plc (HSBA) and Markit Economics. It compares with a final level of 49.5 for October. A reading above 50 indicates expansion. Copper can trade in range of 422-428 in MCX while Lead can trade in range of 118-120 while Zinc may trade in range of 104-106. Nickel may move swiftly upwards due to demand from steel sector and can test 920 in MCX and Aluminum can move in range of 106-108.

Energy: Crude oil counter along with natural gas prices are expected to trade with bullish momentum. Crude oil can test 4860 while Natural gas can head towards 218 in near term. The Middle East tensions are prompting higher volatility in crude oil market. Yesterday crude oil advanced for the third time in four sessions as U.S. inventories fell unexpectedly and fewer Americans filed applications for unemployment benefits. Natural gas rose to a one-year high after a government report showed U.S. inventories fell more than expected. The Energy Department said stockpiles fell 38 billion cubic feet last week to 3.873 trillion. Analyst estimates compiled by Bloomberg forecast a drop of 28 billion.

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