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GLOBAL MARKET ROUND UP

Gold prices are steady in the Asian trading hours on Thursday after dropping by almost 0.90% on Wednesday on signs the Federal Reserve will wait longer than previously expected to cut interest rates.

Fed Chair Jerome Powell flagged the likely delay to the much-anticipated pivot after a series of surprisingly high inflation readings. Swaps markets now see just a 16% chance of a reduction in borrowing costs in June, down from 57% at the end of last month.

Crude oil traded in a broader range with a bearish bias amid a slew of conflicting signals that ranged from rising stockpiles to tensions in the Middle East and the reimposition of US sanctions on Venezuelan crude.

Copper and other base metals rallied Wednesday as risk appetite improved in global financial markets and warnings about the metal’s tight supply dynamics persisted. Asian stocks were mixed, and S&P 500 futures edged higher after the US benchmark fell for a fourth day.

On the macro front, US initial jobless claims and existing home sales data will be released later today.

Trading Range: 71750-73080

Intraday Trading Strategy : Buy Gold Jun Fut at 72400-72450 TGT 72920 SL 72250

Trading Range: 82600-84300

Intraday Trading Strategy : Buy Silver May Fut at 83500-83525 TGT 83950/84200 SL 83070

Trading Range: 6820-7050

Intraday Trading Strategy : Sell Crude Oil Apr Fut at 6960-6970 TGT 6850 SL 7024

Trading Range: 137-150

Intraday Trading Strategy : Buy Natural Gas Apr Fut at 141 TGT 147/150 SL 137.0

Trading Range: 819-836

Intraday Trading Strategy : Buy Copper Apr Fut at 824-824.80 TGT 836/842 SL 819

Trading Range: 242-255

Intraday Trading Strategy : Buy Zinc Apr Fut at 246- 246.50 TGT 250/252 SL 243.70

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