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GLOBAL MARKET ROUND UP

Gold registered a modest gain in the previous session following a report that indicated a slowdown in the US economy, ahead of new inflation data that could provide insights into the Federal Reserve's rate path.

The US economy grew at a softer pace in the first quarter, which may bolster the case for monetary easing. Two-year Treasury yields dropped, and the dollar index declined after the print, offering support to gold. 

Crude oil sank despite US data showing the biggest drop in the nation’s stockpiles in five weeks, with traders awaiting Sunday’s OPEC+ meeting for more guidance on supply. Total inventories fell by 4.16 million barrels, and Cushing supplies slid the most since January, according to EIA data. Gasoline demand increased.

Industrial metals extended their losses after China’s factory activity unexpectedly contracted in May, posing a potential threat to the country’s economic growth target of around 5% this year.

The official manufacturing purchasing manager index fell to 49.5, compared with a reading of 50.4 in April and a forecast of 50.5 in an economist survey. A figure falling below 50 indicates a contraction.

Gold

Trading Range: 71580-72650

Intraday Trading Strategy : Sell Gold Mini Jul Fut at 72050 TGT 71750/71580 SL 72180

Silver

Trading Range: 91450-93880

Intraday Trading Strategy : Sell Silver Mini Jun Fut at 93050-93080 TGT 92300/91750 SL 93800

CrudeOil

Trading Range: 6380-6555

Intraday Trading Strategy : Sell Crude Oil Jun Fut at 6525-6535 TGT 6450/6420 SL 6619

NaturalGas

Trading Range: 206-229

Intraday Trading Strategy : Sell Natural Gas Jun Fut at 219 TGT 209 SL 222.80

Copper

Trading Range: 859-897

Intraday Trading Strategy : Sell Copper Jun Fut at 879.80 TGT 871/866 SL 884

Zinc

Trading Range: 265-274

Intraday Trading Strategy : Sell Zinc Jun Fut at 269.80 TGT 266/264.80 SL 271.80

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