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* Oil prices fell from two-month highs in Asian trade on Thursday, as traders collected some profits from a strong run-up this week, while soft U.S. economic data raised some concerns over long-term demand.

* But prices were still relatively buoyant after a substantially bigger-thanexpected drawdown in U.S. inventories, while persistent conflict in the Middle East also kept a risk premium in play.

* Weakness in crude came following some weak labor market and purchasing managers index indicators, which signaled some cooling in the U.S. economy.

* PMI data from top importer China also underwhelmed on Wednesday. Still, losses in crude were limited as the dollar also tumbled after Wednesday’s readings, as traders increased bets on an interest rate cut in the coming months.

* Gold prices rose in Asian trade on Wednesday, seeing some relief as the dollar retreated on some positive comments from Federal Reserve Chair Jerome Powell. But the yellow metal still remained within a trading range established through most of June, as anticipation of more cues on U.S. interest rates kept traders biased towards the dollar.

Gold

Trading Range: 72150-72900

Intraday Trading Strategy : Buy Gold Aug Fut at 72440, TGT 72900 SL 72150

Silver

Trading Range: 91000-92900

Intraday Trading Strategy : Buy Silver Sep Fut at 91800-91500, TGT 92580/92900 SL 91000

Crude Oil

Trading Range: 6850-7050

Intraday Trading Strategy : Sell Crude Oil Jul Fut at 6961-7000, TGT 6850 SL 7050

Natural Gas

Trading Range: 197-210

Intraday Trading Strategy : Sell Natural Gas Jul Fut at 204-207 TGT 197 SL 210

Copper

Trading Range: 872-854

Intraday Trading Strategy : Buy Copper Jul Fut at 862-858, TGT 872, SL 854

Zinc

Trading Range: 270-278

Intraday Trading Strategy : Buy Zinc Jul Fut at 273- 271 TGT 278 SL 270

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