IGI Logo

GLOBAL MARKET ROUND UP

Gold closed with a slight gain in a volatile session on Wednesday as traders evaluated the future of Jerome Powell's tenure as Federal Reserve chair. Traders began buying gold following reports that President Trump might attempt to fire Powell soon. However, those gains were swiftly reversed after President Trump denied any intention to remove Jerome Powell, which followed a discussion he had in a meeting with Republicans that was leaked to the press

Speculation regarding the future of Federal Reserve Chair Jerome Powell caused a decline in the dollar, US stocks, and Treasury yields on Wednesday. The drop occurred before President Donald Trump downplayed the possibility of firing Powell in the near future

Crude oil declined on Wednesday amid mixed data, pulling up from early lows as the EIA reports a 3.9-million-barrel weekly draw in U.S. crude oil stocks following large builds the previous two weeks. However, despite the decline in U.S. crude inventories, the recent increase in oil-product stockpiles has raised concerns about weakening demand as summer approaches

Natural gas price reached a two-week high as extreme heat across the Lower 48 states boosted cooling demand.

Copper prices are declining as traders anticipate an increase in supply due to the U.S. government's plans to impose 50% tariffs on imports. The metal has pulled back from a three-month high reached in early July after President Donald Trump announced that these levies would take effect on August 2. In Asia, inventory levels have already begun to rise; globally, LME warehouse stocks increased by 10,525 tons, marking the largest rise since mid-February, according to data released on Wednesday.

Gold

• Trading Range: 96600 to 98245

• Intraday Trading Strategy: Sell Gold Mini Aug Fut at 97675-97700 SL 98245 Target 97080 & 96775

Silver

• Trading Range: 110300 to 113125

• Intraday Trading Strategy: Buy Silver Mini Aug Fut Above 112085 SL 111680 Target 112750/113125

Crude Oil

• Trading Range: 5620 to 5835

• Intraday Trading Strategy: Buy Crude Oil July Fut at 5695-5700 SL 5633 Target 5775/5825

Natural Gas

• Trading Range: 294 to 315

• Intraday Trading Strategy: Buy Natural Gas Jul Fut at 301-302 SL 294.0 Target 309/312

Copper

• Trading Range: 872 to 895

• Intraday Trading Strategy: Sell Copper July Fut at 882-883 SL 887 Target 875

Zinc

• Trading Range: 252 to 261

• Intraday Trading Strategy: Sell Zinc July Fut at 257.50-258.0 SL 260.75 Target 253.80

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

SEBI Registration number is INZ00017133