IGI Logo

GLOBAL MARKET ROUND UP

Bullion declined on Monday as traders digested hawkish comments from a senior US policymaker that suggested a slower pace of monetary easing may be likely, while haven demand fell amid fading concerns about an escalation in Middle East conflicts.

Federal Reserve Governor Christopher Waller stated on Monday that recent economic data suggests policymakers can approach subsequent interest-rate reductions with less urgency than they did at their meeting last month.

Crude oil fell on Monday after a report that Israel may avoid targeting Iran’s crude infrastructure eased concerns over a major supply disruption.

Meanwhile, for the third consecutive month, OPEC lowered its forecasts for the growth of oil demand this year and next, contributing to the downtrend in oil prices. The group finally acknowledged a slowdown in global fuel consumption.

Natural gas futures declined to a three-week low as milder weather forecasts for the eastern half of the nation and lingering power outages in hurricaneravaged Florida quelled demand for the power plant fuel.

Copper and other industrial metals declined on Monday, weighed down by a strong US dollar, and a pessimistic economic outlook from China dampened the demand outlook for the world’s top consumer.

Shares in Asia climbed after another record high on Wall Street fueled by technology shares.

Gold

Trading Range: 75480 to 76300

Intraday Trading Strategy: Sell Gold Mini Oct. at 75675-75700 SL 75925 Target 75180

Silver

Trading Range: 88750 to 91500

Intraday Trading Strategy: Sell Silver Mini Nov Fut 91050-91100 SL 91580 Target 89900/89300

Crude Oil

Trading Range: 5975 to 6200

Intraday Trading Strategy: Sell Crude Oil Oct Fut at 6105 SL 6175 Target 5975

Natural Gas

Trading Range: 199 to 219

Intraday Trading Strategy: Sell Natural Gas Oct Fut at 209-210 SL 215.8 Target 203/199

Copper

Trading Range: 815 to 833

Intraday Trading Strategy: Sell Copper Oct Fut at 827-828 SL 833 Target 819

Zinc

Trading Range: 274-288

Intraday Trading Strategy: Sell Zinc Oct Fut at 284.80 SL 287 Target 280/277

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337