Gold fell slightly as Ukraine peace talks cut safe-haven demand - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
* Gold prices slightly declined during a choppy trading session on Monday as indications of progress in peace negotiations for Ukraine reduced the demand for safe-haven assets.
* On Monday, US President Donald Trump met with European leaders to discuss security guarantees for Ukraine. He also mentioned having spoken with Russian President Vladimir Putin and was working on arranging a direct meeting between Putin and Ukrainian President Volodymyr Zelenskiy, which could be followed by a potential trilateral summit.
* Attention is now turned on the Federal Reserve’s annual Jackson Hole symposium, taking place later this week, where global policymakers will debate labor market trends and the outlook for monetary policy. In addition, investors are looking forward to the release of the July FOMC minutes, which is scheduled for tomorrow
* Crude oil prices ended the session positively during Monday's low liquidity trading. Investors are keeping an eye on the potential impacts of ongoing discussions regarding the Ukraine-Russia peace deal and how it could affect global oil supply, including possible changes to sanctions or steps toward reconciliation.
* Natural gas prices bounced back from the day’s low but ultimately closed with slight losses as ongoing weak fundamentals continued to impact prices. Milder US weather forecasts are limiting anticipated demand for gas in the power sector.
* Most base metals fell as the dollar strengthened, with traders processing geopolitical developments and anticipating important comments from Federal Reserve Chair Jerome Powell later this week.
Gold
* Trading Range: 98580 to 99832
* Intraday Trading Strategy: Sell Gold Mini Sep Fut at 99175-99180 SL 99450 Target 98725/98600
Silver
* Trading Range: 112050 to 114080
* Intraday Trading Strategy: Sell Silver Mini Aug Fut at 113200-113225 SL 113780 Target 112450/112050
Crude Oil
* Trading Range: 5375 to 5505
* Intraday Trading Strategy: Sell Crude Oil Sep Fut at 5475-5480 SL 5550 Target 5420/5780
Natural Gas
* Trading Range: 244 to 262
* Intraday Trading Strategy: Sell Natural Gas Aug Fut at 256-257 SL 262.80 Target 250/247
Copper
* Trading Range: 872 to 887
* Intraday Trading Strategy: Sell Copper Aug Fut at 884 SL 888.80 Target 878/875
Zinc
* Trading Range: 260.80 to 272
* Intraday Trading Strategy: Buy Zinc Aug Fut at 264.50 SL 261.0 Target 267.8/269.0
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