In April, US business activity expanded at the slowest pace this year

2024-04-24 11:18:13 am | Source: HDFC Securities

In April, US business activity expanded at the slowest pace this year - HDFC Securities

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GLOBAL MARKET ROUND UP

Gold pared losses after weaker-than-expected US business activity data helped underpin the case for Federal Reserve rate cuts this year. Earlier Tuesday, gold fell as much as 1.5% to below $2,300 amid easing war risks in the Middle East.

In April, US business activity expanded at the slowest pace this year. The S&P Global flash April composite index of output at manufacturers and service providers showed the first contraction in six months. The weaker report underpins the case for rate cuts, which would support non-interest-bearing gold.

Crude oil settled higher on Tuesday and is currently trading with modest gains as a report showed lower US crude stockpiles and traders tracked progress toward fresh sanctions on Iran. The API noted a decline in overall gasoline levels, accompanied by a shrinkage in oil stockpiles at the Cushing, Oklahoma, hub.

Base metals retreated in the previous session due to profit-taking by funds and hedging by producers following a speculation-led rally that sent prices to a multi month high.

Equity markets in Asia rose, following a US tech rally and fresh economic data that rekindled hopes for US interest rate cuts.

Gold

Trading Range: June Fut 70300-71900

Intraday Trading Strategy : Buy Gold Mini May Fut at 71550-71580 TGT 71950/72150 SL 71300

Silver

Trading Range: May Fut 79700 - 82000

Intraday Trading Strategy : Buy Silver Mini Jun Fut at 82250-82300 TGT 83070/83200 SL 81600

Crude Oil

Trading Range: 6870-7050

Intraday Trading Strategy : Buy Crude Oil May Fut at 6880-6900 TGT 7050 SL 6835

Natural Gas

Trading Range: 144-159

Intraday Trading Strategy : Buy Natural Gas Apr Fut at 150 TGT 156/159 SL 144.80

Copper

Trading Range: May Fut 842-856

Intraday Trading Strategy : Buy Copper May Fut at 844-844.80 TGT 850.80/852.80 SL 839

Zinc

Trading Range: May Fut 244-256

Intraday Trading Strategy : Buy Zinc mini May Fut at 246.50-246.80 TGT 252 SL 244.80

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In April, US business activity expanded at the slowest pace this year - HDFC Securities

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