INTERNATIONAL COMMODITY NEWS :
• Gold prices slid on Monday after the Jackson Hole, Wyoming, symposium wrapped up leaving markets expecting monetary policy to tighten in the U.S. while remaining loose in Europe and in Japan. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,278.70 a troy ounce during U.S. trading, down 0.12%, up from a session low of $1,276.50 and off a high of $1,282.10. The December contract settled up 0.38% at $1,280.20 on Friday. The Federal Reserve Bank of Kansas City’s annual Jackson Hole symposium wrapped up over the weekend leaving investors preparing for diverging monetary policies across the globe.
• Crude prices continued to slide on Monday due to ongoing fears that the global supply is outstripping demand despite unrest in Ukraine and in the Middle East. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded down 0.42% at $93.28 a barrel during U.S. trading. New York-traded oil futures hit a session low of $93.07 a barrel and a high of $93.95 a barrel.Nymex oil futures were likely to find support at $92.50 a barrel, Thursday’s low, and resistance at $94.45 a barrel, Thursday’s high.
• Natural gas prices shot up on Monday after updated weather-forecasting models called for a quick return of seasonably warm temperatures to edge out a cool snap in the U.S. Elsewhere, Tropical Storm Cristobal appeared to dodge the U.S. coast, though investors kept their eyes on another system hinting at formation in the Gulf of Mexico. On the New York Mercantile Exchange, natural gas futures for delivery in October traded at $3.976 per million British thermal units during U.S. trading, up 2.38%. The commodity hit a session low of $3.860, and a high of $3.983. The October contract settled up 1.20% on Friday to end at $3.883 per million British thermal units.
• Copper futures held steady near a two-week high on Monday, as growing optimism over the health of the U.S. economy supported demand for the industrial metal. On the Comex division of the New York Mercantile Exchange, copper for September delivery inched up 0.09%, or 0.3 cents, to trade at $3.207 a pound during European morning hours. The focus this week will be on a flurry of key U.S. economic indicators, as investors look for further clues on the strength of the recovery and the possible future path of monetary policy.
TRADING STRATEGY :
- BUY GOLD ABOVE 1279 TGT 1283,1288 SL 1274
- SELL GOLD BELOW 1276 TGT 1272,1266 SL 1281.30
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