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GLOBAL MARKET ROUND UP

* Gold rose to its highest level in nearly two weeks as the Federal Reserve signaled a shift toward interest-rate cuts next month and raised tensions in the Middle East, supporting haven demand.

* Federal Reserve Chair Jerome Powell said an interest-rate cut could come as soon as September after the US central bank voted to leave its benchmark unchanged. Meanwhile, Iran's leader, Ayatollah Ali Khamenei, has ordered a direct strike on Israel in the Middle East, increasing the possibility of further escalation.

* Crude oil prices rose further on Thursday, owing to a surge in geopolitical premiums following reports that Iran had ordered a retaliatory strike on Israel for the killing of a Hamas leader on its soil. In addition to this drawdown in crude oil inventory, it also supports oil prices. Last week, US crude inventories decreased by 3.4 mbl. The fifth weekly decline in stockpiles was the longest losing streak since January 2022.

* Natural gas fell more than 3.0% on Wednesday, as forecasts for cooler temperatures in the Midwest will curb natural gas demand.

* Copper jumped more than 2% from its lowest close in four months as the dollar weakened, and bearish Chinese factory data boosted hopes that Beijing will ramp up stimulus for its struggling economy. The China Caixin manufacturing PMI fell to 49.8 in July, unexpectedly shrinking for the first time in nine months.

* On the macro front, the focus is now on the upcoming US nonfarm payroll data, due tomorrow, for more clues on the labor market.

Gold

Trading Range: 69180 to 70380

Intraday Trading Strategy: Buy Gold Mini Sep at 69575-69600 SL 69350 Target 69950/70080

Silver

Trading Range: 82800 to 84500

Intraday Trading Strategy: Buy Silver Sept Fut at 83780 SL 83050 Target 85080

Crude Oil

Trading Range: 6415 to 6650

Intraday Trading Strategy: Buy Crude Oil Aug Fut at 6525-6530 SL 6480 Target 6650

Natural Gas

Trading Range: 166 to 187

Intraday Trading Strategy: Sell Natural gas Aug Fut below 166 SL 169.80 Target 161.50

Copper

Trading Range: 794 to 819

Intraday Trading Strategy: Buy Copper Aug Fut at 804-804.50 SL 799 Target 812

Zinc

Trading Range: 247 to 259

Intraday Trading Strategy: Buy Zinc Aug Fut at 252.80 SL 249.80 Target 257

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