22-10-2024 11:57 AM | Source: HDFC Securities
Gold steadied in the Asian trading hours on Tuesday - HDFC Securities

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GLOBAL MARKET ROUND UP

Gold steadied in the Asian trading hours on Tuesday, after hitting a record high in the previous session, as traders digested differing views from Federal Reserve officials on the path forward for US interest rates.

Fed Bank of Kansas City President Jeffrey Schmid said he favors a slower pace of reductions, while his San Francisco counterpart Mary Daly reiterated her view on the need to deploy additional cuts to guard against labor market deterioration.

Meanwhile, the dollar index was up about 0.5% and touched the highest since early August.

Crude oil gained on Monday as traders tracked the risk to supplies from Middle East tensions and improved market sentiment after China took further steps to bolster its economy.

Natural gas on Monday recovered from a 6-week nearest-future low and settled moderately higher. Forecasters predict a cooler temperature for much of the US from October 26–20, leading to a rise in natural gas demand for heating.

Industrial metals declined as the dollar pushed higher, with traders digesting news that Chinese banks cut their benchmark lending rates as part of Beijing’s push to ensure its economy meets growth targets for this year. Copper and zinc advanced earlier after reductions in two key rates at Chinese banks, but both retreated from the day's high and closed lower.

Asian equities declined for a second day as traders considered cooling expectations of Federal Reserve rate cuts for the rest of the year

Gold

Trading Range:77950 to 78725

Intraday Trading Strategy: Buy Gold Mini Oct Fut at 77575-77600 SL 77380 Target 77850/78020

 

Silver

Trading Range: 96300 to 99500

Intraday Trading Strategy: Buy Silver Mini Nov Fut 97125-97200 SL 96300 Target 98300

Crude Oil

Trading Range: 5810 to 6025

Intraday Trading Strategy: Buy Crude Oil Nov Fut above 5939 SL 5875 Target 6025

 

Natural Gas

Trading Range: 187 to 204

Intraday Trading Strategy: Buy Natural Gas Oct Fut at 192-193 SL 187.8 Target 203

 

Copper

Trading Range: 809 to 833

Intraday Trading Strategy: Buy Copper Oct Fut at 815 SL 810.80 Target 822/824

 

Zinc

Trading Range: 277-289

Intraday Trading Strategy: Buy Zinc Oct Fut at 282- 283 SL 279 Target 287/289

 

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