IGI Logo

GLOBAL MARKET ROUND UP

Gold rose for a third day after slowing US inflation raised the possibility of an interest rate cut as soon as September. A measure of underlying US inflation cooled in April for the first time in six months. Following the release, the dollar fell and Treasury yields slumped, which is a positive for precious metals that don't offer any interest. Silver in the international markets posted its highest settlement since 2013, whereas silver in the domestic market closed at an alltime high.

Swaps markets are pricing in a 61% chance the Federal Reserve will pivot by September, compared with 30% at the end of April.

Signs of ebbing US inflation and shrinking US stockpiles buoyed a wider risk-on mood, causing crude oil to rise for a second day. US oil inventories fell by 2.5 million barrels last week for the first back-to-back drop since March, taking nationwide holdings to the lowest in almost a month.

Copper futures climbed for a fifth straight day, notching a new record high. Hedge funds are likely driving the rally by piling into copper futures and forcing short sellers to cover their positions.

Asian stocks rose, tracking gains on Wall Street driven by reinforced bets for Fed rate cuts. US futures were also higher.

Gold

Trading Range: 72650-73500

Intraday Trading Strategy : Buy Gold Mini 05 Jun Fut at 72750-72800 TGT 73080-73165 SL 72588

Silver

Trading Range: 86200-88000

Intraday Trading Strategy : Buy Silver Jul Fut at 87020 TGT 87850 SL 86700

Crude Oil

Trading Range: 6520-6680

Intraday Trading Strategy : Sell Crude Oil May Fut at 6650-6660 TGT 6580-6550 SL 6700

Natural Gas

Trading Range: 191-206

Intraday Trading Strategy : Buy Natural Gas May Fut at 197 TGT 204-206 SL 194.80

Copper

Trading Range: 888-905

Intraday Trading Strategy : Buy Copper May Fut at 894-894.50 TGT 905 SL 888

Zinc

Trading Range: 259-266

Intraday Trading Strategy : Buy Zinc May Fut at 261.-262 TGT 264.80-266 SL 259.0

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337