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Gold fell for a fifth day as the dollar continued to push higher while traders turned their focus toward US inflation due later this week -HDFC Securities
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GLOBAL MARKET ROUND UP
Gold fell for a fifth day as the dollar continued to push higher while traders turned their focus toward US inflation due later this week. In addition to this, some unwinding of long positions betting on an escalation in Middle East tensions also played a part in bullion’s decline. Federal Reserve policymakers' comments have contributed to indications that US rate cuts may not be as aggressive as previously anticipated. Fed Bank of Boston President Susan Collins emphasized on Tuesday that monetary easing should be careful and data-based. Crude oil fell more than 4.50% in the previous session on fears about China's economic prospects, while the market also kept an eye on the situation in the Middle East. It is "mostly an unravelling of the geopolitical risk premium in both gold and oil." US oil production will grow by just 320,000 barrels a day next year, much slower than previously estimated, according to the EIA. The API reported an increase of about 11 million barrels in crude inventories last week. Natural gas futures were little changed as traders weighed coming colder weather, which could boost heating demand. Base metals fell after a hotly anticipated briefing by China’s top economic planner ended without new pledges to boost government spending. Chinese equities led losses in Asia on Wednesday as traders weighed weak economic data and Beijing’s reluctance to commit to more stimulus.
Gold
Trading Range: 74580 to 75350
Intraday Trading Strategy: Sell Gold Mini Oct Fut. at 74900-74925 SL 75300 Target 74580/74350
Silver
Trading Range: 87300 to 90200
Intraday Trading Strategy: Sell Silver Mini Nov Fut 89900-89950 SL 90480 Target 88450
Crude Oil
Trading Range: 6075 to 6280
Intraday Trading Strategy: Sell Crude Oil Oct Fut at 6280-6300 SL 6350 Target 6175
Natural Gas
Trading Range: 219 to 236
Intraday Trading Strategy: Sell Natural Gas Oct Fut at 231-232 SL 236.8 Target 222/219
Copper
Trading Range: 829 to 850
Intraday Trading Strategy: Sell Copper Oct Fut at 841-842 SL846.80 Target 835/833
Zinc
Trading Range:275-284
Intraday Trading Strategy: Sell Zinc Oct Fut at 282- 283 SL 287 Target 276
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