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Gold ticked higher on Friday, recovering modestly from overnight losses, but uncertainty over whether the Federal Reserve would hike U.S. rates this year weighed on the market. The Fed thought the economy was close to warranting an interest rate hike in September but policymakers wanted firmer evidence a global economic slowdown was not knocking America off course. Most policymakers, according to the minutes, thought the Fed's first rate hike in a decade should still come this year and that financial market turmoil had not "materially altered" the outlook for the U.S. economy.

The International Copper Study Group (ICSG) has revised the copper forecast for 2016. It now anticipates the metal market to turn into deficit during the next ye3ar. According to the latest report released Tuesday, the world copper body stated that copper will end in a supply deficit of 130,000 mt during 2016. ICSG in its earlier forecast during April this year had stated that copper market is likely to see supply surplus of 230,000 mt in 2016. However, in the wake of ongoing production cutbacks and mine disruptions at various mines across the world, the supply is expected to fall to a deficit of nearly 130,000 mt during next year.

ENERGY NEWS

Crude oil futures rose in early Asian trade on thin volumes after an influential forecaster predicted that a market rally was not far off and U.S. Federal Reserve minutes suggested there was no hurry to raise rates. U.S. crude is heading for a gain of nearly 9 percent this week, the biggest weekly increase since August. Gains in Chinese equities on Thursday, opening after a weeklong National Day holiday, added to the bullish tone, while Russia's military involvement in Syria has brought a geopolitical risk premium into the market.

CS GOLD (DECEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 26800
RESIST 1: 26600
SUP 1: 26230
SUP 2: 26025
STRATEGY: SELL ON RISE

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2:37370
RESIST 1:37125
SUP1:36360
SUP2:36000
STRATEGY : SELL ON RISE

CS CRUDE OIL (OCTOBER) OVERVIEW:

TREND : BULLISH
RESIST 2:3420
RESIST 1:3330
SUP1:3180
SUP2:3120
STRATEGY: BUY ON DIPS

CS NATURAL GAS (OCTOBER) OVERVIEW:

TREND :BEARISH
RESIST 2:167
RESIST 1:164
SUP1: 160
SUP2:158
STRATEGY: SELL ON RISE

BASE METAL

CS COPPER (AUGUST ) OVERVIEW:

TREND :BEARISH
RESIST 2:350
RESIST 1:347
SUP1:337
SUP2:334
STRATEGY: SELL ON RISE