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GLOBAL MARKET ROUND UP

Gold was steady in early Asian trading hours Thursday, following a tumultuous session in which it touched a record high after the Federal Reserve cut interest rates by 50 basis points. However, it retreated from a record high as Chair Jerome Powell signaled that policymakers aren't in a rush to ease aggressively.

The Fed cut rates by a half-point in a bold shift aimed at bolstering the labor market. A narrow majority of policymakers favored at least another 50 bps of easing over the two remaining 2024 meetings. Market participants will now focus on today's BOE and tomorrow's Bank of Japan meeting.

Crude oil declined in the previous session as signs of weak US demand added to bearish headwinds, offsetting a steep interest rate cut from the Federal Reserve and escalating tensions in the Middle East. According to government data released Wednesday, US gasoline demand fell further below 9 million barrels per day, and jet fuel consumption ebbed for the third straight week.

Natural gas fell on Wednesday due to warmer temperature forecasts, which will likely lead to a tamped-down demand for heating and power plant fuel.

Copper traded near its highest close in three weeks in the Asian trading hours on Thursday, and other metals were mixed as investors digested the Federal Reserve’s bid to defend US growth and the labor market with a half-point rate cut

Asian stocks rose along with US equity futures. Japanese equities rallied in early trading, helped along by fresh weakness in the yen against the dollar.

Gold

Trading Range: 72350 to 73450

Intraday Trading Strategy: Sell Gold Oct. at 73050 SL 73380 Target 72750/72580

Silver

Trading Range: 87550 to 89700

Intraday Trading Strategy: Buy Silver Mini Nov Fut 87950 SL 87300 Target 88780/89100

Crude Oil

Trading Range: 5780 to 5950

Intraday Trading Strategy: Buy Crude Oil Oct Fut 5815 SL 5765 Target 5950

Natural Gas

Trading Range: 180 to 204

Intraday Trading Strategy: Sell Natural Gas Sep Fut at 194-195 SL 199.8 Target 187

Copper

Trading Range: 794 to 819

Intraday Trading Strategy: Buy Copper Sep Fut at 806 SL 802.0 Target 814

Zinc

Trading Range: 265.80-273

Intraday Trading Strategy: Buy Zinc Sep Fut at 266.80 SL 265 Target 269/273

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