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GLOBAL MARKET ROUND UP

* Gold fluctuated in a narrow range, just above $2,300 an ounce, as investors sought fresh clues on the path for US inflation and the outlook for Federal Reserve interest rate policy

* Meanwhile, the latest data showed China’s central bank added to its gold reserves for an 18th straight month in April, though the pace of buying slowed. Strong demand from central banks and Chinese consumers helped drive gold’s 12% advance so far this year.

* Crude oil rebounded after a mixed snapshot of US inventories, including an unexpected drop in nationwide crude holdings. Overall stockpiles of crude declined by 1.36 million barrels last week, although inventories expanded at the Cushing storage hub to hit the highest level since last July.

* Copper and other base metals declined on Wednesday. We expect the base metals to consolidate in a range with a moderate bearish bias unless fresh triggers come from China.

* Asia's stocks are mixed, with gains in Japan, Hong Kong, and China and declines in Australia and South Korea. US futures edged lower after the S&P 500 and Nasdaq 100 indexes ended Wednesday largely flat

Gold

Trading Range: 70750-71580

Intraday Trading Strategy : Sell Gold Jun Fut at 71250 TGT 70980 SL 71400

Silver

Trading Range: 82300-84500

Intraday Trading Strategy : Buy Silver Mini Jun Fut at 82750 TGT 83550 SL 82180

Crude Oil

Trading Range: 6520-6700

Intraday Trading Strategy : Buy Crude Oil May Fut at 6625 TGT 6700 SL 6580

Natural Gas

Trading Range: 174-188

Intraday Trading Strategy : Buy Natural Gas May Fut at 179 TGT 187 SL 174.80

Copper

Trading Range: 845-869

Intraday Trading Strategy : Sell Copper May Fut at 863-864 TGT 856/850 SL 869

Zinc

Trading Range: 250-259.80

Intraday Trading Strategy : Sell Zinc May Fut at 259.80 TGT 256/255 SL 261.80

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