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Gold snapped a five-day losing streak amid a broader rally across risk assets - HDFC Securities
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GLOBAL MARKET ROUND UP
A risk-on tone across broader financial markets helped push commodity markets higher.
Gold snapped a five-day losing streak amid a broader rally across risk assets. Despite its haven status, the precious metal was caught up in Monday’s plunge across broader markets. A subsequent relief rally allowed gold to tag along.
he unwinding of the JPY carry trade could have unexpected implications for copper. The use of cheap funding in Japan appears to have fueled a rally across risk assets over the past couple of years.
Crude oil continued its recovery from its recent plunge as elevated geopolitical risks came into focus. Israel remains on edge as it prepares for a retaliatory attack from Iran following the assassination of Hamas and Hezbollah leaders. However, a call between Iran’s President Masoud Pezeshkian and French counterpart Emmanual Macron potentially opened a diplomatic path to deescalation.
All three major US stock indexes closed higher on Thursday for the second time in the past three sessions, powered by weekly jobless claims that gave investors hope the U.S. labour market can continue to hold up.
China’s consumer prices rose by a more-than-expected 0.5% in July from a year ago, boosted by a surge in pork prices.
Gold
Trading Range: 68300 to 69300
Intraday Trading Strategy: Buy Gold Oct. above 69780 SL 69650 Target 69990 (CMP 69610)
Silver
Trading Range: 78400 to 79990
Intraday Trading Strategy: Buy Silver Sept Fut above 80850 SL 80350 Target 81400 (CMP80630)
Crude Oil
Trading Range: 6300 to 6600
Intraday Trading Strategy: Buy Crude Oil Aug Fut at 6425 SL 6350 Target 6525 (CMP 6414)
Natural Gas
Trading Range: 165 to 185
Intraday Trading Strategy: Buy Natural Gas Aug Fut at 178 SL 173 Target 187 (CMP 180.70)
Copper
Trading Range: 765 to 790
Intraday Trading Strategy: Buy Copper Aug Fut above 785 SL 777 Target 799 (CMP 780.90)
Zinc
Trading Range: 242-253
Intraday Trading Strategy: Buy Zinc Aug Fut at 255 SL 252 Target 260 (CMP 254.45)
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