Gold advanced as investors found comfort in the Federal Reserve`s signals that it would still pivot toward lowering borrowing costs - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold advanced as investors found comfort in the Federal Reserve’s signals that it would still pivot toward lowering borrowing costs. Jerome Powell said the Fed is seeking more confidence in inflation before deciding on a rate cut. He added that it’s unlikely that the next move would be a hike, and he kept the language referring to a future reduction of interest rates, suggesting that the easing bias remains in place.
On the macro front, the JOLTS report showed US job openings fell by more than estimated in March. Factory activity contracted in April, while input prices rose at the fastest pace since inflation peaked in 2022. Construction spending unexpectedly declined in March.
Crude oil fell more than 3.0% in the previous session due to a big jump in US crude inventories, which added to concerns about weakening demand. US crude stockpiles jumped 7.3 million barrels last week, the most since early February.
All base metals are dropping after a recent gain. After Nyrstar announced on Tuesday that it would restart a key European smelter later this month, Zinc corrected for a second day.
Most Asian equities rose after Federal Reserve chair Jerome Powell downplayed the prospect of further interest-rate hikes.
Gold
Trading Range: 70580-71650
Intraday Trading Strategy : Sell Gold Mini Jun Fut at 71250-71300 TGT 71080/70900 SL 71500
Silver
Trading Range: 80600-82150
Intraday Trading Strategy : Sell Silver Mini Jun Fut at 81750-81800 TGT 81080/80950 SL 82045.
Crude Oil
Trading Range: 6580-6745
Intraday Trading Strategy : Sell Crude Oil May Fut at 6725-6745 TGT 6650-6580 SL 6787
Natural Gas
Trading Range: 156-170
Intraday Trading Strategy : Buy Natural Gas May Fut at 159-159.50 TGT 166/170 SL 156.80
Copper
Trading Range: 850-875
Intraday Trading Strategy : Buy Copper May Fut at 856-857 TGT 864/866 SL 852.80
Zinc
Trading Range: 247-258
Intraday Trading Strategy : Sell Zinc May Fut at 256 TGT 251.80 SL 258.80
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