The latest data point to weak conditions persisting - HDFC Securities
GLOBAL MARKET ROUND UP
Gold advanced toward a record in the Asian trading hours on Tuesday as traders prepared for key data that will set the stage for the next Federal Reserve policy decision while the countdown to the US presidential election continued to lend support for safe haven gold.
Money managers have played their part in supporting gold’s advance, with hedge funds raising net-long positions and investors adding to exchange-traded fund holdings.
Crude oil plunged at the start of the week after Israeli strikes against targets in Iran avoided the OPEC member’s crude facilities, raising the prospect that hostilities in the region may ease. In a sign that war risk is fading, the premium of bullish oil call options over the opposite puts has narrowed sharply.
The price of natural gas plunged on Monday due to warmer-than-normal weather forecasts for the US, which are expected to reduce the demand for natural gas for heating. Maxar is forecasting above-normal temperatures in the US for Nov 7-19 and mixed temperatures for Nov 2-6, with slightly below-normal temperatures in the West and above-normal temperatures in the East.
Copper declined as demand from China’s construction industry continues to disappoint. The latest data point to weak conditions persisting. Profits at Chinese industrial firms extended declines last month, according to data on Sunday, as deflationary pressure sapped the strength of corporate finances
Gold
Trading Range: 78350 to 79105
Intraday Trading Strategy: : Buy Gold Mini Dec Fut at 78580 SL 78405 Target 78900
Silver
Trading Range:96300 to 99100
Intraday Trading Strategy: Buy Silver Dec Fut 97350 SL 96600 Target 98605
Crude Oil
Trading Range:5550 to 5780
Intraday Trading Strategy: Sell Crude Oil Nov Fut 5725 SL 5800 Target 5620
Natural Gas
Trading Range: 232 to 255
Intraday Trading Strategy:Sell Natural Nov Fut at 244-245 SL 250.8 Target 235/233
Copper
Trading Range: 822 to 845
Intraday Trading Strategy: Sell Copper Nov Fut at 839 SL 842.80 Target 833
Zinc
Trading Range:280-295
Intraday Trading Strategy: Sell Zinc Nov Fut at 292 SL 295 Target 287/28
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