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GLOBAL MARKET ROUND UP

* Bullion reversed its earlier loss and closed higher on Wednesday following President Donald Trump’s call for a Federal Reserve governor to quit, raising fresh concerns about the central bank’s independence and bolstering haven demand.

* The FOMC minutes, which were released yesterday, revealed a hawkish tone, as most Fed officials viewed inflation risks as outweighing labor-market concerns at last month's meeting. This suggests a cautious approach towards interest rates

* Crude oil prices increased following a positive weekly inventory report. U.S. crude stockpiles decreased by the largest amount since mid-June, maintaining levels significantly below the seasonal average. According to figures from the Energy Information Administration , nationwide inventory declined by 6 million barrels last week, and gasoline stockpiles also fell for the fifth consecutive week.

* Natural gas prices are consolidating at the lower end of the range ahead of the weekly storage report due later today. We anticipate today's inventory report to show a slight reduction in the storage surplus, but overall fundamentals for natural gas remain bearish

* Industrial metals showed signs of recovery during the late evening session on Wednesday, driven by bargain buying. Despite yesterday's recovery, we believe that the short-term trend continues to favor selling on rallies in base metals

* The commodity market is anticipated to trade sideways as traders adopt a cautious approach ahead of the Federal Reserve’s annual Jackson Hole symposium. Traders are looking for signals from Chair Jerome Powell regarding whether policymakers will address expectations for a rate cut next month.

Gold

* Trading Range: 98680 to 99750

* Intraday Trading Strategy: Sell Gold Mini Sep Fut at 99000-99025 SL 99480 Target 98375/98150

Silver

* Trading Range: 110300 to 113680

* Intraday Trading Strategy: Buy Silver Mini Aug Fut at 112050-112080 SL 111375 Target 113020/113585

Crude Oil

* Trading Range: 5380 to 5575

* Intraday Trading Strategy: Buy Crude Oil Sep Fut at 5445-5450 SL 5380 Target 5525/5575

Natural Gas

* Trading Range: 229 to 256

* Intraday Trading Strategy: Sell Natural Gas Aug Fut at 244-245 SL 252.80 Target 236/232.80

Copper

* Trading Range: 862 to 887

* Intraday Trading Strategy: Sell Copper Aug Fut at 875 SL 882 Target 867/864

Zinc

* Trading Range: 262 to 272

* Intraday Trading Strategy: Buy Zinc Aug Fut at 264.0 SL 262.8 Target 266.25/267.50

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