IGI Logo

* Gold rose for the first time in three days as the US dollar and Treasury yield retreated after the latest US macro data. US continuing unemployment claims rose to their highest since late 2021, sounding the alarm that the US labor market is softening from the tight levels in its post-pandemic recovery.

* Meanwhile, US GDP for Q1 2024 came in at 1.4% QoQ, slightly higher than the 1.3% in the previous two readings but still trailing last year's fourth-quarter expansion of 3.4%.

* Crude oil rose but remained in a narrow range as bullish momentum in broader markets counteracted weak near-term fundamentals for the commodity. On Thursday, WTI crude advanced about 1%, still trading within the range of less than $2 so far this week.

* On Thursday, natural gas prices consolidated in a lower range amid mixed fundamentals. Expectations of lower US temperatures could potentially reduce the demand for natural gas. However, the moderately bullish weekly EIA report on Thursday supported natural gas prices at a lower level.

* Base metals settled marginally lower on Thursday after weak U.S. economic data and subdued spot demand from Asia.

Gold

Trading Range: 70950-71780

Intraday Trading Strategy : Sell Gold Aug Fut at 71600-71650 TGT 71080/70950 SL 71920

Silver

Trading Range: 86200-88500

Intraday Trading Strategy : Buy Silver Mini Aug Fut at 88900-88950 TGT 89750 SL 88500

Crude Oil

Trading Range: 6750-6920

Intraday Trading Strategy : Buy Crude Oil Jul Fut at 6825 TGT 6900/6920 SL 6760

Natural Gas

Trading Range: 219-236

Intraday Trading Strategy : Buy Natural Gas Jul Fut at 222-222.80 TGT 227.80/229 SL 219.0

Copper

Trading Range: 829-847

Intraday Trading Strategy : Sell Copper Jul Fut at 843-844 TGT 835/833 SL 847.80

Zinc

Trading Range: 259-269

Intraday Trading Strategy : Buy Zinc Jul Fut at 264.50 TGT 269 SL 261.80

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

SEBI Registration number is INZ000171337