Crude oil remains under bearish pressure, approaching the long-term support zone of $66 - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
* Gold consolidated at the upper end range as investors studied the latest developments around tariffs and their impact on the US economy and Federal Reserve decisions. The precious metal was trading near $2,919 an ounce, less than $40 short of the all-time high reached last week. Silver has also seen strong haven demand, and so far, this week it has gained more than 4%.
* Additionally, the fall in the dollar index also improved traders’ sentiment. The US Dollar Index, traded below 105, the lowest level since November 11.
* Crude oil remains under bearish pressure, approaching the long-term support zone of $66. WTI Crude prices have plummeted to their lowest level since December 2021. Crude oil stockpiles have unexpectedly increased, weighing on the oil prices. Furthermore, OPEC+ has opted to proceed with its scheduled April production rise, which would put additional pressure on oil prices.
* Copper prices rose across the board, surging nearly 5% in the US market after US President Donald Trump suggested imports of the metal could be subject to a 25% tariff. Trump's comments sparked a frenetic rally in Comex copper prices, widening the gap with equivalent prices in London and Shanghai, and triggering a hunt for copper that can be shipped to the US before any tariffs are imposed.
* China set a forceful economic growth goal at about 5% for 2025, raising expectations for officials to unleash more stimulus later this year as they confront a trade war with Donald Trump.
* Meanwhile, traders will be parsing nonfarm payrolls data on Friday for any further signs of a slowing labor market, which would boost the odds of more Fed rate cuts.
Gold
Trading Range: 85580 to 86600
Intraday Trading Strategy: Buy Gold Mini Apr Fut at 85750 SL 85480 Target 86125/86300
Silver
Trading Range: 97050 to 98900
Intraday Trading Strategy: Buy Silver Mini Apr Fut at 97850 SL 97200 Target 98900
Crude Oil
Trading Range: 5680 to 5900
Intraday Trading Strategy: Buy Crude Oil Mar Fut at 5850 SL 5935 Target 5750/5720
Natural Gas
Trading Range: 366 to 397
Intraday Trading Strategy: Sell Natural Gas Mar Fut at 388 SL 397.0 Target 375
Copper
Trading Range: 870 to 897
Intraday Trading Strategy: Buy Copper Mar Fut at 882 SL 878.0 Target 894
Zinc
Trading Range: 269-275
Intraday Trading Strategy: Buy Zinc Mar Fut at 272 SL 269.0 Target 275
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