IGI Logo

GLOBAL MARKET ROUND UP

Gold resumed trading on a weaker note and slipped below $4000/oz as signs of easing US-China trade tensions have increased investors' interest in riskier assets, creating a negative impact on precious metals. On Sunday, top economic officials from China and the US agreed on the framework of a potential trade deal, which will be discussed when US President Donald Trump and Chinese President Xi Jinping meet later this week.

Moreover, investors persistently took profits and withdrew from gold-backed exchangetraded funds, accelerating the decline in bullion.

Crude oil ended the session on Monday with modest declines amid mixed global cues as investors assessed signs of a surplus and the impact of US sanctions on Russian producers.

Meanwhile, OPEC+ is expected to focus on reviving a small amount of oil production in December as a base case when key members meet this weekend, which may cap further recovery in crude oil prices.

Natural gas closed higher on Monday, rising by the most in a week, as early November forecasts shifted colder in the eastern half of the country. However, natural gas is expected to be more volatile as the expiration of the front-month contract nears.

Copper has advanced toward a record as optimism surrounding an imminent US-China trade deal has fueled a rally, which is further supported by several disruptions at some of the world’s largest mines. Indications that the world’s top two economies are poised to reach an agreement this week enhance the outlook for consumption of the industrial metal, particularly amid growing concerns over production setbacks from South America to Indonesia.

Gold

* Trading Range: 118400 to 123900

* Intraday Trading Strategy: Sell Gold Mini Dec Fut at 121750-121775 SL 123050 Target 120375/119075

Silver

* Trading Range: 139700 to 146680

* Intraday Trading Strategy: Sell Silver Mini Nov Fut at 146050-146075 SL 147425 Target 143780/142600

Crude Oil

* Trading Range: 5225 to 5580

* Intraday Trading Strategy: Sell Crude Oil Nov Fut 5450 SL 5535 Target 5365/5305

Natural Gas

* Trading Range: 332 to 370

* Intraday Trading Strategy: Sell Natural Gas Oct Fut at 361-362 SL 370.80 Target 350/344.0

Copper

* Trading Range: 1004 to 1026

* Intraday Trading Strategy: Sell Copper Nov Fut at 1019-1019.8 SL 1026.0 Target 1009/1004

Zinc

* Trading Range: 289 to 303.80

* Intraday Trading Strategy: Sell Zinc Nov Fut at 300.8 SL 303.0 Target 295.5/294.0.

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ00017133