The OPEC+ meeting is set for tomorrow, during which the group is expected to increase production by another 411,000 barrels per day in July - HDFC Securities
GLOBAL MARKET ROUND UP
Gold recovered after a gap-down opening and climbed back above $3,300 per ounce on Thursday, snapping a three-day losing streak, as investors reacted to a fresh batch of US economic data and comments from a White House adviser.
National Economic Council Director Kevin Hassett says there are “different approaches” President Trump could use to impose global tariffs despite the trade court ruling Wednesday. Options “would take a couple of months” to be put in place, following the comment that gold extended recovery as traders found uncertainty over the US tariff and rushed towards safe haven metals.
Revised data indicates that the US economy contracted at an annualized rate of 0.2% in Q1 2025, which is slightly better than the initial estimate of a 0.3% decline. However, this still represents the first quarterly contraction in three years. Additionally, weekly jobless claims increased by 14,000, reaching a total of 240,000, which surpasses the consensus forecast of 230,000.
Continuing claims have also risen to their highest level since 2021, suggesting that it is taking longer for unemployed individuals to secure new jobs.
Crude oil prices fell on Thursday, pressured by anticipated increases in supply from OPEC+ and disappointing US economic data, which raised concerns about slowing fuel demand. Additionally, the head of the International Energy Agency noted that oil consumption in China remains weak.
The OPEC+ meeting is set for tomorrow, during which the group is expected to increase production by another 411,000 barrels per day in July.
Natural gas experienced slight declines on Thursday. The weekly storage report was in line with market expectations. Additionally, the weather forecast indicates another week of low demand before the summer heat begins to take effect
Gold
• Trading Range: 94700 to 96300
• Intraday Trading Strategy: Sell Gold Mini Jul Fut at 95700-95725 SL 96300 Target 95180/94950
Silver
• Trading Range: 95900 to 99080
• Intraday Trading Strategy: Sell Silver Mini Jun Fut at 97150 SL 97780 Target 96300
Crude Oil
• Trading Range: 5050 to 5235
• Intraday Trading Strategy: Sell Crude Oil Jun Fut at 5225 SL 5280 Target 5135
Natural Gas
• Trading Range: 288 to 319
• Intraday Trading Strategy: Buy Natural Gas Jun Fut at 294 SL 288 Target 305/312
Copper
• Trading Range: 850 to 868
• Intraday Trading Strategy: Sell Copper Jun Fut at 863.5 SL 868 Target 857
Zinc
• Trading Range: 247 to 260
• Intraday Trading Strategy: Sell Zinc Jun Fut at 256.0 SL 258.8 Target 252.0/250.0
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