The figures added to signs of a cooling labor market, bolstering bets on steep rate cuts that are likely to support gold - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold erased earlier losses and settled with modest gains in the previous session following a report that showed US JOTLs job openings fell in July to the lowest since the start of 2021. The figures added to signs of a cooling labor market, bolstering bets on steep rate cuts that are likely to support gold.
Treasury yields and the dollar tumbled after the print, also helping bullion erase early losses to gain as much as 0.11%. Swap traders are now projecting the US central bank will cut its rate by a full percentage point in 2024.
Crude oil fell to the lowest in more than a year as persistent concerns about weakening demand overshadowed the potential for OPEC+ to delay supply increases. OPEC+ members are close to an accord that would pause a plan to raise the group’s production in October, delegates said Wednesday
On Wednesday, natural gas fell more than 2.50% due to bearish forecasts for less demand this week than previously anticipated.
LME Copper consolidated at a lower end range in Asian trading hours on Thursday, after a recent loss fueled by an increasingly dim outlook for demand in China. In addition to this, Goldman Sachs Group reduced its copper forecast for next year, adding pressure on prices.
After a global selloff, Asian stocks regained some ground and traded in range as traders awaited this week's US payroll data to gauge the extent of the Federal Reserve's easing.
Trading Range: 70900 to 71850
Intraday Trading Strategy: Buy Gold Mini Oct. at 71300-71325 SL 71725 Target 71725
Trading Range: 82500 to 85100
Intraday Trading Strategy: Sell Silver Mini Nov Fut 84650-84675 SL 85300 Target 83750/83380
Trading Range: 5780 to 6005
Intraday Trading Strategy: Sell Crude Oil Sep Fut at 5905 SL 6000 Target 5780
Trading Range: 175 to 194
Intraday Trading Strategy: Sell Natural Gas Sep Fut at 187-188 SL 194.8 Target 175
Trading Range: 772 to 804
Intraday Trading Strategy: Sell Copper Sep Fut at 784-784.80 SL 791 Target 775
Trading Range: 255-265
Intraday Trading Strategy: Sell Zinc Sep Fut at 262.80 SL 265 Target 257/255
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