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Natural gas rose for the first time in seven sessions ahead of the EIA`s weekly report that`s expected to show a small decline in the inventory surplus - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold closed lower by 0.80% to $2,504.00 a troy ounce in the previous session as the dollar strengthened and investors adopted a cautious stance awaiting fresh data that could sway the Federal Reserve's interest rate intentions.
The U.S. dollar gained on Wednesday due to month-end buying and short covering, following recent declines that pushed it to its weakest in more than a year.
Crude oil steadied in Asian trading hours on Thursday after a two-day drop, with stock market losses offsetting a drawdown in US stockpiles and supply disruptions in Libya. US crude inventories shrank by 846,000 barrels last week, EIA data showed. That’s the eighth drop in nine weeks, pushing holdings to the lowest since January.
Natural gas rose for the first time in seven sessions ahead of the EIA's weekly report that's expected to show a small decline in the inventory surplus.
Base metals snapped their rallies amid a strong dollar, lingering demand concerns, and uncertainty about the Federal Reserve's monetary easing path.
Meanwhile, UBS cut its forecasts for China’s GDP growth this year and next to 4.6% and 4%, respectively, citing a deeper-than-expected property market slump that has yet to bottom.
Stocks in Asia traded on a slightly weaker note, as Nvidia Corp. earnings lacked the wow factor to impress investors.
Gold
Trading Range: 71550 to 72325
Intraday Trading Strategy: Buy Gold Mini Sep. Fut at 71315-71320 SL 71080 Target 71580/71700
Silver
Trading Range: 83345 to 85425
Intraday Trading Strategy: Buy Silver Mini Nov Fut at 86550-86575 SL 85880 Target 87280/87510
Crude Oil
Trading Range: 6180 to 6350
Intraday Trading Strategy: Sell Crude Oil Sep Fut at 6320-6325 SL 6380 Target 6220
Natural Gas
Trading Range: 166 to 187
Intraday Trading Strategy: Buy Natural Gas Sep Fut at 172-173 SL 166 Target 180/184
Copper
Trading Range: 797 to 816
Intraday Trading Strategy: Sell Copper Sep Fut at 811-812 SL 816.80 Target 806/804
Zinc
Trading Range: 264-273
Intraday Trading Strategy: Buy Zinc Sep Fut at 267 SL 264 Target 270.80/273.0
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