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GLOBAL MARKET ROUND UP

Gold climbed to a fresh record as the approaching US election and conflict in the Middle East boosted haven demand. Comex gold hit an all-time high of $2,749.03 an ounce in the previous session, topping Monday’s record. The price of silver surged for the sixth consecutive session, bringing it close to $35 per ounce.

The US Dollar Index closed at 104.07, the highest level since August 2. Gold bulls once again ignored firmer US yields and a rising US dollar. Meanwhile, total known global ETF holdings stood at 83.99 Moz as of October 21, higher than 83.833 Moz seen at the end of the last week and the highest level since January 30.

Crude oil advanced on Tuesday as traders tracked tensions between Israel and Iran, with strikes continuing amid US efforts to broker a ceasefire. Meanwhile, US crude inventories rose by 1.6 mbl last week, while fuel supplies decreased, the API reported. Natural gas declined modestly after volatile sessions on Tuesday amid mixed fundamentals.

On Tuesday, the US dollar index continued its upward trend, hitting a twomonth high, which exerted some pressure on copper prices and capped gain. However, the zinc price hit a fresh swing high.

Asian shares struggled for direction in early trade, reflecting a subdued risk appetite as traders mulled the prospect of less aggressive Federal Reserve interest rate cuts

Gold

Trading Range: 78020 to 78900

Intraday Trading Strategy: Buy Gold Dec Fut at 78280 SL 78020 Target 78550/78700

Silver

Trading Range: 97945 to 100300

Intraday Trading Strategy: Buy Silver Mini Nov Fut 98900-98925 SL 98305 Target 99780/100300

Crude Oil

Trading Range: 5920 to 6150

Intraday Trading Strategy: Buy Crude Oil Nov Fut at 5980-5990 SL 5919 Target 6100

Natural Gas

Trading Range: 184 to 204

Intraday Trading Strategy: Buy Natural Gas Oct Fut at 191 SL 187.0 Target 197

Copper

Trading Range: 807 to 824

Intraday Trading Strategy: Buy Copper Oct Fut at 812-813 SL 808 Target 819/822

Zinc

Trading Range: 287-294

Intraday Trading Strategy: Buy Zinc Oct Fut at 289 SL 286.80 Target 294

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