Stocks in Asia extended gains as risk appetite across financial markets got a further boost from China`s latest stimulus measures - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold continued its upward trend, setting successive record highs on optimism that the Federal Reserve will maintain an aggressive pace of interest-rate cuts this year.
In the United States, GDP data showed its economy bounced back stronger than initially expected, mainly supported by increased consumer-driven growth, while a decline in jobless claims also aided sentiment.
Crude oil slid for the second day as Saudi Arabia was reportedly committed to increasing output in December, while Libya named its new central bank governor, opening the way to reviving some crude production.
Natural gas falls as Hurricane Helene strengthens on its path toward northwestern Florida and is seen as likely to have a greater impact on demand than supply. There is expected to be widespread power outages, which are likely to reduce natural gas demand for power generation.
Industrial metals extended gains in the precious session and hit a fresh swing high after China’s latest stimulus pledge and upbeat US data fueled optimism about the strength of the global economy.
China's central bank on Friday cut a key policy rate and reduced the amount of funds banks must set aside, following through on its commitment earlier this week to provide more support for the slowing economy.
Stocks in Asia extended gains as risk appetite across financial markets got a further boost from China’s latest stimulus measures
Gold
Trading Range: 74900 to 75780
Intraday Trading Strategy: Sell Gold Oct. at 75550 SL 75780 Target 75080/74900
Silver
Trading Range: 91300 to 94100
Intraday Trading Strategy: Buy Silver Mini Nov Fut 92050-92080 SL 91320 Target 93380
Crude Oil
Trading Range: 5580 to 5780
Intraday Trading Strategy: Sell Crude Oil Oct Fut below 5620 SL 5665 Target 5550
Natural Gas
Trading Range: 219 to 236
Intraday Trading Strategy: Sell Natural Gas Oct Fut at 235-236 SL 241.8 Target 226/224
Copper
Trading Range: 845 to 869
Intraday Trading Strategy: Buy Copper Oct Fut at 857-858 SL 853.80 Target 865
Zinc
Trading Range: 277-284
Intraday Trading Strategy: Buy Zinc Oct Fut at 280 SL 277.80 Target 284
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