Sell Natural Gas Jan Fut at 315 SL 319.0 Target 309/306 - HDFC Securities
GLOBAL MARKET ROUND UP
Spot gold registered its biggest gain in 14 years, with a 27% advance in 2024. MCX Gold gained more than 21.0%. The rally in gold is driven by multiple bullish factors, like safe-haven demand due to global geopolitical and economic uncertainty, rate cuts by western central bankers, and strong demand from central banks and high-net-worth individuals. With an increase of nearly 22% in 2024, Spot Silver set its best year since 2020.
Crude oil rose in thin holiday trading to close out a flat performance in 2024 as the market braces for a global surplus next year. Crude advanced on Tuesday after factory activity expanded for a third month in China, the world’s biggest oil importer. In another sign of nascent economic recovery, Chinese President Xi Jinping said the nation’s gross domestic product is expected to expand around 5% for the full year of 2024, meeting official targets.
Natural gas futures fell on Tuesday as traders took profit after Monday's rally, but the market had its highest yearly gain since 2021, boosted by a rise in gas streaming to LNG export facilities in response to increased global demand.
Copper prices fell on Tuesday but were on track for a second consecutive yearly gain, while copper's outlook for next year hinges on China's economic recovery and U.S. President-elect Donald Trump's policies.
Due to the New Year's Day holiday, all overseas markets are closed today, with a low trading volume expected in the domestic market.
Gold
Trading Range: 76450 to 77080
Intraday Trading Strategy: Buy Gold Mini Feb Fut at 76650-76675 SL 76500 Target 76980/77080
Silver
Trading Range:87050 to 88020
Intraday Trading Strategy: Buy Silver Mar Fut at 87150 SL 86880 Target 87780
Crude Oil
Trading Range: 6125 to 6250
Intraday Trading Strategy: Buy Crude Oil Jan Fut at 6150 SL 6105 Target 6215
Natural Gas
Trading Range: 297 to 319
Intraday Trading Strategy: Sell Natural Gas Jan Fut at 315 SL 319.0 Target 309/306
Copper
Trading Range: 782 to 797
Intraday Trading Strategy: Sell Copper Jan Fut at 792 SL 795.0 Target 788/784
Zinc
Trading Range: 275-282
Intraday Trading Strategy: Sell Zinc Dec Fut at 284 SL 281.50 Target 289
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