Sell Silver Sept Fut at 89400-89450 SL 90050 Target 88350/87700 - HDFC Securities
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GLOBAL MARKET ROUND UP
* Gold edged marginally lower on Monday due to a potential slowdown in seasonal demand for physical gold, reflecting "worry about the worsening recession in Jewellery and retail investment demand, particularly in China." However, the demand for a safe haven following President Joe Biden's decision to end his re-election bid capped a heavy fall in precious metals.
* Crude oil was steady after declining near a six-week low in the previous session as traders waited for fresh clues on market balances, including the outlook for US stockpiles.
* On Monday, natural gas prices posted sharp gains as US weather forecasts turned warmer, which will boost natural gas demand from electricity providers to run air conditioning.
* Copper dropped as base metals extended the worst weekly slump in almost two years, with a modest rate cut in China doing little to offset worries about demand in the world’s top commodities consumer.
* Stocks in Asia followed a rebound on Wall Street as investors looked beyond Joe Biden ending his re-election campaign to focus on the start of the tech earnings season.
* India’s finance minister is set to unveil the budget today, which is expected to stick to plans for curbing the deficit. From the US side, US existing-home sales will probably show a 3% decline in June from the prior month.
Gold
Trading Range: 72300 to 73100
Intraday Trading Strategy: Sell Gold Aug. at 73000- 73050 SL 73300 Target 72580/72300
Silver
Trading Range: 87300 to 89780
Intraday Trading Strategy: Sell Silver Sept Fut at 89400-89450 SL 90050 Target 88350/87700
Crude Oil
Trading Range: 6445 to 6650
Intraday Trading Strategy: Sell Crude Oil Aug Fut at 6580-6600 SL 6665 Target 6480
Natural gas
Trading Range: 175 to 204
Intraday Trading Strategy: Sell Natural gas at 194 SL 199 Target 188/184
Copper
Trading Range: 804 to 822
Intraday Trading Strategy: Sell Copper July Fut at 814-815 SL 819 Target 80
Zinc
Trading Range: 257 to 266
Intraday Trading Strategy: Buy Zinc July Fut at 259 SL 257 Target 266
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