Crude oil consolidated in the upper-end range amid market anticipation of Israel`s response to an unprecedented attack from Iran - HDFC Securities Ltd
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Market Roundup
Gold in the international market rose by 1.66% in the previous session, supported by haven demand, as attention turned to a potential counterstrike that risks starting a full-blown war between the two Middle Eastern powers.
Crude oil consolidated in the upper-end range amid market anticipation of Israel’s response to an unprecedented attack from Iran. As per a Western media report, Israeli officials are vowing to retaliate against Iran. Meanwhile, natural gas futures fell over 4% to a more than two-week low on Monday, driven down by weaker demand expectations for this week than previously projected.
Metals swung sharply, with aluminum surging by a record before later erasing most of its gains as traders digested US and UK sanctions that banned delivery of new Russian supplies onto the LME.
On the macro front, China’s home prices continued to fall in March, adding pressure on authorities to step up efforts to support the embattled real estate market. While China’s GDP climbed a more-than-expected 5.3% in the first quarter, that strength was offset by industrial production and retail sales that both missed the mark in March.
Asia stocks dropped, following a big tech selloff on Wall Street and strong US data that signaled the Fed would be in no rush to cut rates.
Gold
Trading Range: 72100-73780
Intraday Trading Strategy : Buy Gold Mini May Fut at 72750-72800 TGT 73080/73350 SL 72500
Silver
Trading Range: 83080-85000
Intraday Trading Strategy : Buy Silver May Fut at 83700-83750 TGT 84660/84900 SL 83070
Crude Oil
Trading Range: 7125-7250
Intraday Trading Strategy : Buy Crude Oil Apr Fut at 7120-7135 TGT 7220/7260 SL 7060
Natural Gas
Trading Range: 133-156
Intraday Trading Strategy : Sell Natural Gas Apr Fut at 147 TGT 139/135 SL 152.80
Copper
Trading Range: 819-842
Intraday Trading Strategy : Buy Copper Apr Fut at 824-825 TGT 833/839 SL 819
Zinc
Trading Range: 236-250
Intraday Trading Strategy : Sell Zinc Apr Fut at 246- 247 TGT 239/236 SL 250.80
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