Gold trades firm ahead of key inflation data, Fed rate path in focus - HDFC Securities
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GLOBAL MARKET ROUND UP
* Gold traded firm in Asian trading hours on Wednesday after closing 0.30% lower in the previous session, as investors shifted focus to key inflation data due later today, which may offer more clues on the Federal Reserve's interest-rate path.
* On the macro front, the US producer price index for final demand increased by 0.1% from a month earlier, less than the 0.2% seen in a median forecast, which indicated inflationary pressures were moderating.
* Crude oil moved higher after falling more than 2.50% on Tuesday, as an industry report pointed to a sizable drop in US crude stockpiles and tensions simmered in the Middle East. According to an API report, inventories shrank by 5.2 million barrels last week. That would be the seventh straight weekly drop, if confirmed by official figures due later today.
* Natural gas prices closed lower on Tuesday due to a mixed US weather forecast, which may reduce the demand outlook.
* Industrial metals mostly consolidated in the lower end range on Tuesday amid demand concerns from top metals consumers in China. The outlook in China remains challenging, especially given the lackluster real estate market and fragile recovery.
* Asia stocks rose for a fourth day, tracking a rally on Wall Street after lower-thanexpected producer prices reinforced hope for a September Fed cut. Today’s US CPI data will probably show a modest 0.2% gain.
Gold
Trading Range: 70080 to 71350
Intraday Trading Strategy: Sell Gold Mini Sep. Fut at 70350-70375 SL 70600 Target 70050/69880
Silver
Trading Range: 80050 to 82400
Intraday Trading Strategy: Buy Silver Mini Aug Fut at 81180 SL 80580 Target 81930
Crude Oil
Trading Range: 6480 to 6705
Intraday Trading Strategy: Buy Crude Oil Aug Fut at 6565-6575 SL 6497 Target 6655/6680
Natural Gas
Trading Range: 175 to 194
Intraday Trading Strategy: Buy Natural Gas Aug Fut at 182 SL 175 Target 188
Copper
Trading Range: 773 to 797
Intraday Trading Strategy: Buy Copper Aug Fut at 778-779 SL 773 Target 788/794
Zinc
Trading Range: 250-259
Intraday Trading Strategy: Buy Zinc Aug Fut at 253.0 SL 250 Target 259
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