Gold remained under pressure as global equity markets steadied - HDFC Securities
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GLOBAL MARKET ROUND UP
Calm returned to financial markets, with commodities finding some support amid renewed interest in risk assets.
Gold remained under pressure as global equity markets steadied. A rebounding USD and a pullback in expectations of an emergency rate cut by the Fed weighed on investor appetite. Nevertheless, rising geopolitical tensions should provide some support in the coming months.
Copper steadied and aluminium gained in a mixed session for base metals. Nevertheless, copper prices are slightly above a four-month high amid concerns that Monday’s selloff points to deeper troubles ahead.
Crude oil prices recovered following Monday’s selloff amid a rebound in risk appetite across broader financial markets. The technical suggesting the market was in oversold territory, WTI and Brent crude managed to rise more than 1%. Signs of potential tightness in the physical market also provided some support.
China crude oil imports YTD fell 2.4% y/y to 317.813m tons.
The recovery in international travel has lagged behind domestic trips, while weak world trade and industrial activity is hurting air freight
The risk tone across markets helped lift global gas markets, allowing the focus to shift back to supply risks.
Gold
Trading Range: 68300 to 69300
Intraday Trading Strategy: Sell Gold Oct. below 68600 SL 68800 Target 68300
Silver
Trading Range: 78400 to 79990
Intraday Trading Strategy: Sell Silver Sept Fut below 79000 SL 79500 Target 78400
Crude Oil
Trading Range: 6100 to 6300
Intraday Trading Strategy: Buy Crude Oil Aug Fut above 6180 SL 6130 Target 6250
Natural Gas
Trading Range: 160 to 175
Intraday Trading Strategy: Buy Natural Gas Aug Fut at 167 SL 163 Target 172
Copper
Trading Range: 765 to 790
Intraday Trading Strategy: Sell Copper Aug Fut at 780 SL 787 Target 768
Zinc
Trading Range: 242-253
Intraday Trading Strategy: Sell Zinc Aug Fut at 247 SL 250 Target 243
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