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Buy Natural Gas Sep Fut at 187-188 SL 182.8 Target 199 - HDFC Securities
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Gold steadied in Asian trading hours on Thursday after a small decline in the previous session following a report that showed underlying US inflation picked up in August, weakening expectations for an outsized interest rate cut by the Federal Reserve next week.
US data showed the core consumer price index climbed 0.3% from July and 3.2% from a year ago. Treasury yields pushed higher, while the dollar pared early losses following the print. Swap traders now nearly erased bets on a jumbo rate cut by the US central bank this month.
Crude oil gained more than 2.0% on Wednesday as Hurricane Francine hit crudeproducing regions in the Gulf of Mexico, and traders looked ahead to market insights from the International Energy Agency. Hurricane Francine, which made landfall in Louisiana on Wednesday night, has forced the shut-in of about 670,000 barrels a day of production.
Natural gas prices rose in anticipation of warmer US temperatures, which will boost natural gas demand from electricity providers to run air conditioning.
Copper and other base metals pared earlier gains after underlying US inflation unexpectedly picked up in August, undercutting the chances of an outsize Federal Reserve interest rate cut next week.
Following a tech-fueled rally on Wall Street, Asian stocks rebounded in early trading. The Nikkei 225 surged almost 3%, rising for the first time in eight days.
Gold
Trading Range: 71550 to 72350
Intraday Trading Strategy: Sell Gold Mini Oct Fut. at 72080-72100 SL 72300 Target 71750
Silver
Trading Range: 83380 to 85700
Intraday Trading Strategy: Buy Silver Dec Fut 84350- 84400 SL 83750 Target 85080/85700
Crude Oil
Trading Range: 5525 to 5780
Intraday Trading Strategy: Buy Crude Oil Sep Fut at 5625 SL 5550 Target 5705/5750
Natural Gas
Trading Range: 182 to 199
Intraday Trading Strategy: Buy Natural Gas Sep Fut at 187-188 SL 182.8 Target 199
Copper
Trading Range: 780 to 806
Intraday Trading Strategy: Buy Copper Sep Fut at 792-792.80 SL 788 Target 799/803
Zinc
Trading Range: 252-265
Intraday Trading Strategy: Buy Zinc Sep Fut at 257.80 SL 255 Target 262/265
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