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GLOBAL MARKET ROUND UP

* Gold prices traded flat to positive on Tuesday, with spot gold at Comex trading up by 0.10% at $1924 per ounce in the morning session. The following pullback in the US dollar helped the gold price move upward.

*The US dollar came under threat as moves by Asia’s biggest central banks hurt the US currency after a long rally. The People’s Bank of China escalated its defense of the yuan, while the Bank of Japan hinted at an eventual policy shift, which sent the yen soaring

* Crude oil held near its highest level this year ahead of monthly reports from OPEC and the EIA that may offer further insight into the market's balances.

* Base metal prices rose on Tuesday, supported by positive sentiment due to strong Chinese credit data and a declining US dollar. 

* Asia stocks edged higher on the back of tech-driven gains on Wall Street. US futures fell while contracts in Europe rose.

* Meanwhile, Investors are looking ahead to a US consumer-price index report due midweek, which will help inform the outlook on the Federal Reserve’s interest-rate path.

MCX Gold Future

Trading Strategy: Comex gold has immediate resistance at $1935 and support at $1915. Prices are expected to trade in this range for the day. The MCX Gold October future is expected to trade in a range of 58750 to 59210.

MCX Silver Future

Trading Strategy: The MCX Silver December future is expected to trade in a range of 71300 to 73200. Until the price holds above the 71300 level, traders should adopt a buy-on-dip strategy.

MCX Crude Oil Future

Trading Strategy: NYMEX WTI Crude Oil has immediate resistance at $88.10; once price crosses this level, it can rally towards $92.8 and support at $86.20. The MCX crude oil September contract has support at 7145 and resistance at 7325. Buy crude oil September futures around 7180–7210 TGT 7300 SL 7145.

 MCX Natural Gas Future

Trading Strategy: The natural gas price consolidated into a broader range of 209 to 222. The price is expected to trade in this range. A move above the Rs. 222 level will open upside towards the 229 and 233 levels.

MCX Copper Future

Trading Strategy: MCX Copper’s short-term trend remains sideways to bullish, with September futures support lying at Rs. 727 and 723 and resistance at Rs. 740.8 and 745.

MCX Zinc Future 

Trading Strategy: The MCX Zinc September Futures short-term trend remains moderately bullish until price holds above the 217.80 level. The price can rally towards the 225.80–229.0 levels in the short term.

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