Gold declined as traders trimmed their position ahead of a crucial US inflation print that could help shape the outlook for Federal Reserve monetary policy - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold declined as traders trimmed their position ahead of a crucial US inflation print that could help shape the outlook for Federal Reserve monetary policy.
The US bond yield recovered from day’s low on Monday following a New York Fed survey that showed consumers expected that prices would increase at an annual rate of 3.3% over the next year, after hovering around 3% for the past four months. Both higher yields and elevated rates typically pose headwinds for gold, as it doesn’t pay interest.
Crude oil held a gain before the release of OPEC’s market outlook, with traders looking for signs on whether supply curbs will be extended and US inflation data that will shape expectations for monetary policy
On Monday, natural gas prices surged to a fresh swing high and settled sharply higher. Prices rallied on the outlook for warm US temperatures, which will boost natural gas demand from electricity providers to power air conditioning.
Copper rallied to a two-year high as industrial metals saw broad advances, with fresh Chinese stimulus measures boosting sentiment. Copper has risen around 19% so far this year, boosted by huge supply disruptions and increased prospects for a worldwide recovery in manufacturing and industrial activity
Gold
Trading Range: 71850-72580
Intraday Trading Strategy : Buy Gold Jun Fut at 71850-71900 TGT 72300 SL 71600
Silver
Trading Range: 84400-85850
Intraday Trading Strategy : Buy Silver Mini Jun Fut at 84900-84950 TGT 85570 SL 84480
Crude Oil
Trading Range: 6550-6720
Intraday Trading Strategy : Sell Crude Oil May Fut at 6660-6665 TGT 6620/6580 SL 6705
Natural Gas
Trading Range: 191-204
Intraday Trading Strategy : Buy Natural Gas May Fut at 194 TGT 204 SL 191.80
Copper
Trading Range: 880-897
Intraday Trading Strategy : Buy Copper May Fut at 882-883 TGT 888/891 SL 879
Zinc
Trading Range: 264-269
Intraday Trading Strategy : Buy Zinc May Fut at 264.80 TGT 266.50/268 SL 261.8
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