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GLOBAL MARKET ROUND UP

Gold set another record high above $2,300 an ounce on the likelihood the Federal Reserve will cut interest rates this year and sustained demand from central banks. Comex Silver is hitting a high of $27.3355 an ounce, the highest intraday level since June 2021.

The latest data compiled by the World Gold Council showed that central banks continued adding to their gold holdings in February, marking the ninth straight month of accumulation. China dominated purchases, while India and Kazakhstan were also eager buyers.

Crude oil rose toward a five-month high after OPEC+ confirmed it would maintain its existing supply cuts through the end of June. Meanwhile, US nationwide crude stockpiles rose by 3.21 million barrels last week. That contrasted with an industry group’s forecast for a drop in inventories.

Copper jumped to the highest level since January 2023 as fast-mounting supply risks and fresh signs of a rebound in demand reinforced hopes that the bellwether industrial metal is plotting a course to new record levels.

Asian stocks opened higher with US futures after Jerome Powell reaffirmed that the Fed will probably cut rates this year

BULLION

Gold

Trading Range: 69400-70500

Intraday Trading Strategy : Buy Gold Jun Fut at 69700-69750 TGT 70080/70200 SL 69570

Silver 

Trading Range: 78300-80100

Intraday Trading Strategy : Buy Silver Mini 30 Apr Fut at 79150 TGT 79580/79700 SL 78800

 Crude Oil

Trading Range: 7080-7225

Intraday Trading Strategy : Sell Crude oil 19 Apr at 7170 TGT 7120/7080 SL 7225

 Natural Gas 

Trading Range: 147-165

Intraday Trading Strategy : Sell Natural Gas Apr Fut at 159 TGT 155/147 SL 165.0

Copper 

Trading Range: 775-805

Intraday Trading Strategy : Buy Copper 30 Apr Fut at 792-793 TGT 799 SL 788

Zinc 

Trading Range: 222-229

Intraday Trading Strategy : Buy Zinc Apr Fut at 224 TGT 226.80/229 SL 221.8

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