Buy Gold Aug Fut around 97675–97700 TGT 98450/99300 Keep Stop Loss 97005 - HDFC Securities Ltd
Global Market Round Up
* Bullion experienced a slight decline last week as traders evaluated the latest macroeconomic data from the US, which indicated economic resilience. Additionally, the recovery of the US dollar, following positive data, exerted downward pressure on bullion prices.
* US retail sales saw a broad increase, which may alleviate some concerns regarding a potential downturn in consumer spending. Additionally, separate data released on Thursday indicated that applications for US unemployment benefits fell for the fifth consecutive week, reaching the lowest level since mid-April. This trend suggests a strong job market.
* Crude oil prices retreated on Friday, ending the week with a decline of 1.62% as traders weighed competing fundamental forces. The market continues to process conflicting signals from developments in monetary policy, geopolitical tensions, and indicators of global demand. Despite various supply-side factors and shifting economic conditions, oil prices have struggled to establish a clear directional trend. Additionally, the European Union's 18th sanctions package aimed at Russian crude has not elicited a significant market reaction.
* Natural gas prices rose for the first time in four weeks, as US weather warmed up and the rate of inventory increases slowed. The US demand is likely to reach "very strong levels" by the middle of next week and into the following week.
* Copper and other industrial metals rose in the previous week, fueled by rising confidence in both the US and Chinese economies, which promoted a risk-on approach in metal markets.
* What to Watch: In the coming week, traders will closely monitor the US trade agenda alongside key macroeconomic data, including provisional PMI figures, weekly unemployment claims, and durable goods orders. Additionally, Fed Chair Jerome Powell's speech is expected to influence the trend in bullion.
Gold
* Trading Range and Strategy: Expected range for Gold Aug Fut is 95795–100400. Buy Gold Aug Fut around 97675–97700 TGT 98450/99300 Keep Stop Loss 97005.
Silver
* Trading Range and Strategy: Expected range for Silver Sep Fut is 110745–116780. Buy Silver Sep Fut around 112075-112080 TGT 114001/115080 SL 110700.
Crude Oil
* Trading Range and Strategy: Expected range for Crude Oil Aug Fut is 5575–5935. Buy Crude Oil Aug Fut at 5625-5634 TGT 5800/5880 SL 5494.
Natural Gas
* Trading Range and Strategy: Expected range for Natural Gas Jul Fut is 270–324. Sell Natural Gas Jul Fut at 303-305 TGT 288/280 SL 313.
Copper
* Trading Range and Strategy: Expected range for Copper Jul Fut is 878-919. Buy Copper Jul Fut around 887-888 TGT 904/912 SL 878.80.
Zinc
* Trading Range and Strategy: Expected range for Zinc Jul Fut is 258.8–275.80 Buy Zinc Jul Fut at 263-264 TGT 270.0/275.50 SL 258.80
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