Gold retreated from a record high and closed with modest losses the previous week amid mixed cues - HDFC Securities
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Global Market Round Up
Gold retreated from a record high and closed with modest losses the previous week amid mixed cues. Markets continued to evaluate the demand for safety in anticipation of the upcoming US elections while also assessing the Fed's policy outlook in response to the mixed macro data.
The US nonfarm payroll reported just 12,000 new jobs in October, down from a revised 254,000 a month earlier and well below expectations for a rise of 110,000 positions. The unexpectedly weak data is the last major economic release before the Federal Reserve's policy committee releases its next interest-rate decision on Nov. 7.
Crude oil settled almost 3.0% down for the week. Concerns over demand in the oil market are limiting any gains for crude, despite reports of an Iranian response to the Israeli strike, which has restored some balance to the market in a volatile week.
Natural gas fell about 14% weekly due to a weak demand outlook, as weather predictions are still predicting moderate temperatures for the first part of November.
Base metals have traded in a narrow range this week, retreating from a recent swing high, as investors assess China's demand outlook and the central government's battery of stimulus measures to shore up confidence. What to Watch: The outcome of the presidential election and the FOMC decision will dominate the commodity market in the upcoming week. Market participants are also paying attention to a key meeting of China's leadership
Gold
Trading Range and Strategy:
Expected range for Gold Dec Fut is 78180–79680. Buy Gold Dec Fut around 78150–78200 TGT 79105/79480 Keep Stop Loss 77580
Silver
Trading Range and Strategy:
Expected range for Silver Dec Fut is 91835–98550. Buy Silver Dec Fut at 94300-94400 TGT 96300/97100 SL 93350.
Crude Oil
Trading Range and Strategy:
Expected range for Crude Oil Nov Fut is 5680–6250. Buy Crude oil Nov Fut at 5880-5900 TGT 6035/6100 SL 5750.
Natural Gas
Trading Range and Strategy:
Expected range for Natural Gas Nov Fut is 215–245. Sell Natural Gas Nov Fut at 226 TGT 215/205 SL 233.
Copper
Trading Range and Strategy:
Expected range for Copper Nov Fut is 832-865. Buy Copper Nov Fut at 836-839 TGT 853/865 SL 829.
Zinc
Trading Range and Strategy:
Expected range for Zinc Nov Fut is 277.50–294.50. Buy Zinc Nov Fut at 284.0 TGT 289/294 SL 280.8.
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