IGI Logo

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

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337