Oil traded near a two-month high as Hurricane Beryl portended a potentially worse storm season while shrinking US crude stockpiles hinted at improved demand - HDFC Securities
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* Bullions continue to head higher as concerns about a strong US dollar and global political uncertainties that also fueled demand for bullion are set to increase. Demand for gold could dampen any potential rebound in Asian currencies. The precious metal’s 13% surge in the first half of this year.
* Oil traded near a two-month high as Hurricane Beryl portended a potentially worse storm season while shrinking US crude stockpiles hinted at improved demand. Traders will be watching for data on US employment later on Friday, which may inform the outlook for monetary policy. That’ll also impact the dollar, which has weakened this week to make commodities priced in the currency cheaper for international investors.
* Copper fluctuated between losses and small gains following four days of advances that were triggered by optimism about the prospects for US interest rate cuts. Copper rose to $9,882.50 a ton on the London Metal Exchange. Lead gained, while zinc, aluminium and nickel slipped.
* A gauge of global stocks was on track for its longest stretch of weekly gains since March. Global equities were set to hold onto record highs achieved Thursday as traders turned their attention to US jobs data due Friday for clues on Federal Reserve rate cuts.
Gold
Trading Range: 72100 to 72750
Intraday Trading Strategy: Buy Gold Aug. fut above 72470 SL 72320 Target 72670
Silver
Trading Range: 91250- 92850
Intraday Trading Strategy: Buy Silver above 92200 SL 91800 Target 92750
Crude Oil
Trading Range: 6950- 7250
Intraday Trading Strategy: Buy Crude Oil July Fut. above 7070 SL 7000 Target 7180
Natural Gas
Trading Range: 205- 187
Intraday Trading Strategy: Sell Natural Gas July Fut. below 195 SL 200 Target 187
Copper
Trading Range: 850- 885
Intraday Trading Strategy: Buy Copper July Fut above 870 SL 863 Target 883
Zinc
Trading Range: 268- 278
Intraday Trading Strategy: Sell Zinc July Fut. below 273 SL 276 Target 268
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