Buy Gold Mini Jan Fut at 76200-76225 SL 75900 Target 76720 - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold steadied in Asian trading hours on Wednesday after rising yesterday as political turmoil in South Korea and France buoyed demand for haven assets. The South Korean president made a surprise declaration of martial law on Tuesday night, before rescinding the decree just hours later. In France, President Emmanuel Macron called on lawmakers to reject a vote that would topple the government.
The economic data released yesterday indicated that the demand for workers in the US is stabilizing, a development that is crucial for Federal Reserve officials who are working to prevent further weakening of the labor market as they gradually lower interest rates.
Crude oil rose more than 2.50% on Tuesday, its biggest advance in more than two weeks, as OPEC+ made progress toward a deal to delay further the restoration of shuttered supply. Furthermore, the US imposed more sanctions on Iranian crude, which also provided support to oil prices. The US sanctioned 35 entities and ships that it said played a critical role in the transport of Iranian oil.
Natural gas dropped for the second day in a row, reaching a two-week low. Forecasts for warmer weather in the eastern United States, which would reduce natural gas heating demand, are impacting prices.
Prospects of China's fiscal stimulus helped copper and other base metals rise on Tuesday. China's government did not include the Politburo readout in its regular November meeting. This has prompted market participants to speculate about the potential arrival of stimulus support. Furthermore, market sentiment improved following the better-than-expected US and China manufacturing PMI.
Gold
Trading Range: 76480 to 77350
Intraday Trading Strategy:
Silver
Trading Range: 91300 to 93080
Intraday Trading Strategy: Buy Silver Mini Feb Fut at 91350-91400 SL 90600 Target 92100/92550
Crude Oil
Trading Range: 5850 to 6035
Intraday Trading Strategy: Buy Crude Oil Dec Fut at 5900-5905 SL 5822 Target 6035
Natural Gas
Trading Range: 245 to 275
Intraday Trading Strategy: Sell Natural Gas Dec Fut at 263 SL 267.0 Target 255/250
Copper
Trading Range: 809 to 829
Intraday Trading Strategy: Sell Copper Dec Fut at 822-824 SL 827.0 Target 814/812
Zinc
Trading Range: 284-294
Intraday Trading Strategy: Buy Zinc Dec Fut at 286.0 SL 283.80 Target 289/292
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