Buy Gold Mini Dec Fut at 75400-75425 SL 75180 Target 75700/75980 - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold recovered earlier losses and ended the session with a modest gain on the back of technical buying. However, the short-term outlook remains dicey due to pressure from the strong dollar and elevated treasury yields and the likelihood the Fed may adopt a less aggressive future rate cut.
Fed policymakers prefer a gradual approach to future rate cuts, minutes of the November meeting showed. Austan Goolsbee said it would be “perfectly sensible” for the central bank to slow the pace of easing as it approaches what it deems a neutral policy setting.
Meanwhile, on the macro front, US new-home sales fell 17% in October to a 610,000 annualized rate, below estimates. Home-price gains slowed in September. Consumer confidence rose to the highest in more than a year in November, fueled by optimism about the economy and labor market.
Crude oil settled lower on Tuesday, easing geopolitical risk following a cease-fire agreement between Israel and Hezbollah. Israel reached a deal for a 60-day ceasefire with the Lebanese militant group Hezbollah after weeks of talks mediated by the US. US crude inventories fell by 5.9 million barrels last week, while fuel supplies increased, API data showed. Traders now focus on the government inventory report due later today.
Except zinc, copper, and other base metals, declined on Tuesday due to the strengthening of the dollar following the pledge of additional tariffs by US Presidentelect Donald Trump. China’s industrial profits fell 10% year over year in October, after a 27% drop in the prior month.
Trading Range: 75080 to 76305
Intraday Trading Strategy: Buy Gold Mini Dec Fut at 75400-75425 SL 75180 Target 75700/75980
Trading Range: 87450 to 90350
Intraday Trading Strategy: Buy Silver Mini Feb Fut above 91305 SL 90700 Target 92100
Trading Range: 5680 to 5900
Intraday Trading Strategy: Sell Crude Oil Dec Fut at 5850-5865 SL 5935 Target 5720
Trading Range: 280 to 305
Intraday Trading Strategy: Buy Natural Gas Sep Fut at 282-284 SL 275.0 Target 294/297
Trading Range: 794 to 814
Intraday Trading Strategy: Buy Copper Dec Fut at 803-804 SL 799.0 Target 812/815
Trading Range: 280-289
Intraday Trading Strategy: Buy Zinc Dec Fut at 284 SL 281.50 Target 289
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