Sell Gold Mini Oct. Fut at 71725-71750 SL 71900 Target 71480/71300 - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold closed with a modest gain on Monday, with traders looking ahead to this week’s US inflation data for clues on the size of the Federal Reserve’s expected rate cut at its meeting next week.
Crude oil prices recovered from the recent swing low and closed with a gain of more than 1.50% in the previous session, as a risk-on tone returned to wider financial markets while a storm menaced some supplies in the Gulf of Mexico.
Tropical Storm Francine has strengthened as it moved north in the Gulf of Mexico, and oil drillers have already started evacuating crews and halting some offshore crude production.
Natural gas tumbled more than 4.50% on Monday due to forecasts for cooler US weather that will reduce natural gas demand from electricity providers to run air conditioning.
Copper and other industrial metals consolidated in the lower end range, with investors waiting for fresh macro data that may give clues on the economic strength of the top metals-consuming nation.
Chinese data released Monday showed deflation is showing signs of spiraling, threatening to worsen the outlook for the world’s second-largest economy and raising calls for immediate policy action.
Weakness in the nation’s metalsintensive property industry continues to impact market sentiment. Asian stocks traded within tight ranges as traders awaited US inflation data due this week
Gold
Trading Range: 71120 to 72080
Intraday Trading Strategy: Sell Gold Mini Oct. Fut at 71725-71750 SL 71900 Target 71480/71300
Silver
Trading Range: 82500 to 85000
Intraday Trading Strategy: Buy Silver Dec Fut above 83780 SL 82900 Target 84480/84900
Crude Oil
Trading Range: 5665 to 5905
Intraday Trading Strategy: Buy Crude Oil Sep Fut at 5705-5710 SL 5650 Target 5850
Natural Gas
Trading Range: 172 to 194
Intraday Trading Strategy: Sell Natural Gas Sep Fut at 187.80 SL 192 Target 177
Copper
Trading Range: 772 to 801
Intraday Trading Strategy: Sell Copper Sep Fut at 795 SL 801 Target 787/782
Zinc
Trading Range: 250-257
Intraday Trading Strategy: Sell Zinc Sep Fut at 257 SL 259.80 Target 253/250
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