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GLOBAL MARKET ROUND UP

Bullion fell on Tuesday, impacted by a higher US dollar and hawkish comments from a Federal Reserve policymaker on the possibility of monetary easing this year.

Fed Reserve Bank of Minneapolis President Neel Kashkari said on Tuesday that it is likely the central bank would keep rates where they were “for an extended period of time”.

Traders were also monitoring fresh tensions in the Middle East after Israeli forces took control of the Rafah border crossing in Gaza on Tuesday, ahead of a possible assault on the city.

Further escalation could boost gold and oil prices.

Crude oil fell to near the lowest level since mid-March, with a mildly bearish US stockpile report and tensions in the Middle East in focus.

Crude stockpiles at the Cushing, Oklahoma, hub rose by more than 1 million barrels last week, the API data said.

Copper, along with other base metals, fell as the dollar strengthened following hawkish comments from a Federal Reserve official that cooled expectations for US interest rate cuts.

Stocks in Asia slid following a sluggish US session, with investors seeking firm evidence of an earnings recovery before taking this month’s rally further

Gold

Trading Range: 70700-71580

Intraday Trading Strategy : Buy Gold Jun Fut at 71050 TGT 71400 SL 70900

Silver

Trading Range: 82300-83850

Intraday Trading Strategy : Buy Silver Mini Jun Fut at 82750-82800 TGT 83600 SL 82180

Crude Oil

Trading Range: 6450-6620

Intraday Trading Strategy : Buy Crude Oil May Fut at 6480-6500 TGT 6620 SL 6420

Natural Gas

Trading Range: 174-187

Intraday Trading Strategy : Sell Natural Gas May Fut at 184 TGT 179/174 SL 187.80

Copper

Trading Range: 850-875 

Intraday Trading Strategy : Sell Copper May Fut at 864-865 TGT 857 SL 869

Zinc

Trading Range: 252-265

Intraday Trading Strategy : Sell Zinc May Fut at 262 TGT 259/257 SL 265.0

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