Asian stocks traded cautiously ahead of key inflation data that will provide fresh clues about the Federal Reserve`s policy outlook - HDFC Securities
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GLOBAL MARKET ROUND UP
Comex Gold, which closed at $2,352.78 an ounce in the previous session, saw little change during Asian trading hours on Wednesday. Bond traders are growing increasingly bearish ahead of the consumer price index print due later today.
The precious metal has rallied more than 18% since mid-February, with the gains perplexing some onlookers because markets have trimmed bets on rate cuts due to strong US economic data. Swaps traders are now pricing around 65 basis points of reductions by the end of this year, less than what the central bank forecast last month.
Crude oil extended its fall after an industry report pointed to a gain in US crude stockpiles, although simmering tensions in the Middle East and ongoing OPEC+ curbs are expected to cap heavy losses. U.S. crude stocks climbed last week by 3.03 million barrels, according to the API report.
Copper and other industrial metals kept rising in the face of a constrained supply and hopes for better demand from China's major metal customers.
Asian stocks traded cautiously ahead of key inflation data that will provide fresh clues about the Federal Reserve’s policy outlook.
Gold
Trading Range: 71055-72091
Intraday Trading Strategy : Buy Gold Jun Fut at 71300-71325 TGT 71700/71905 SL 71120.
Silver
Trading Range: 82145-83750
Intraday Trading Strategy : Buy Silver Mini 30 Apr Fut at 82350-82400 TGT 82880/83100 SL 81800
Crude Oil
Trading Range: 6952-7160
Intraday Trading Strategy : Sell Crude oil Apr Fut at 7125 -7135 TGT 7040/7025 SL 7180.
Natural Gas
Trading Range: 147-165
Intraday Trading Strategy : Buy Natural Gas Apr Fut at 155 TGT 162/165 SL 150.80
Copper
Trading Range: 810-842
Intraday Trading Strategy : Buy Copper Apr Fut at 815-817 TGT 826/833 SL 810
Zinc
Trading Range: 236-245
Intraday Trading Strategy : Buy Zinc Apr Fut at 240.50 TGT 244.50 SL 237.80
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