Crude oil settled slightly positive in the previous session - HDFC Securities
GLOBAL MARKET ROUND UP
Gold and silver moved lower in Asian trading hours on Thursday. Spot gold dropped to around $2,370 per ounce on Thursday, hitting its lowest level in two weeks as investors turned cautious ahead of key US economic data releases that could offer insights into the Federal Reserve's potential rate-cut timing. Crude oil settled slightly positive in the previous session, clawing back from a run of losses after a government report showed that US crude inventories fell to the lowest since February. US oil inventories shrank by 3.74 million barrels last week, the EIA said. That was the fourth straight decline. Price gains were limited as traders also eyed declines in equity markets. Following Monday's rally, natural gas prices on Wednesday continued to run into long liquidation pressure. Higher inventory and weak demand weighed down on natural gas prices. The industrial metal is down by around a fifth from a record in mid-May due to rising global inventories, weak Chinese consumption, and profit-taking by funds. LME Copper tumbled, falling below the $9,000 per ton threshold in the Asian trading hours on Thursday for the first time since early April. On the macro front, the PBOC lowered the rate on its one-year policy loans to 2.3% from 2.5%, following a surprise reduction to a key short-term rate this week. Following a heavy fall in the Nasdaq, equity markets in Asia declined. Investors began pulling back on the artificial-intelligence frenzy
Gold
Trading Range: 67080 to 68550
Intraday Trading Strategy: Sell Gold Mini Aug. Fut at 68000-68025 SL 68680 Target 67350
Silver
Trading Range: 80300 to 83050
Intraday Trading Strategy: Sell Silver Sept Fut at 82000-82180 SL 82750 Target 80780/80300
Crude Oil
Trading Range: 6375 to 6580
Intraday Trading Strategy: Sell Crude Oil Aug Fut around 6480-6500 SL 6560 Target 6380
Natural Gas
Trading Range: 166 to 184
Intraday Trading Strategy: Sell Natural gas July below 175 SL 179 Target 166
Copper
Trading Range: 775 to 804
Intraday Trading Strategy: Sell Copper Aug Fut at 795-797 SL 803Target 788/784
Zinc
Trading Range: 244 to 255
Intraday Trading Strategy: sell Zinc Aug Fut at 250 SL 253.80 Target 244.0
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