INTERNATIONAL COMMODITY NEWS :
• Gold futures edged up on Friday, but still remained within close distance of six-week lows as Thursday’s data showing that U.S. unemployment benefits remained near a post-recession bottom last week continued to weigh. On the Comex division of the New York Mercantile Exchange,gold for December delivery traded at $1,285.40 a troy ounce during European morning trade, adding 0.20%.The December contract settled 1.09% lower on Thursday to end at $1,282.8 a troy ounce. Gold futures were likely to find support at $1,276.20 an ounce, the low from June 19 and resistance at $1,298.80, Thursday’s high. On Thursday, the U.S. Department of Labor said that the number of individuals filing for initial jobless benefits increased by 23,000 last week to 302,000 from the previous week’s total of 279,000, which was the lowest in 14 years.
• Crude oil futures dropped to five-month lows on Friday, as Thursday’s downbeat manufacturing data from Chicago coupled with tepid manufacturing reports from China weighed on the commodity, while markets eyed upcoming U.S. data On the New York Mercantile Exchange, U.S. crude oil for delivery in September traded at $97.36 a barrel during European afternoon trade, down 0.83%.Prices tumbled 1.02% on Thursday to settle at $102.07. futures were likely to find support at $96.26 a barrel and resistance at $99.85, Thursday’s high.Oil prices came under pressure after Market research group Kings bury International on Thursday said that its Chicago purchasing managers’ index fell by 10.0 points to 52.6 in July from a reading of 62.6 in June. Analysts had expected the index to decline to 63.0 in July.
• Oil prices dropped on Friday after Chinese manufacturing and U.S. employment gauges missed expectations and fueled concerns over the strength of global economic recovery. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 0.69% at $97.49 a barrel during U.S. trading. New York-traded oil futures hit a session low of $97.10 a barrel and a high of $98.09 a barrel.The September contract settled down 2.09% at $98.17 a barrel on Thursday. Nymex oil futures were likely to find support at $96.26 a barrel, the low from Feb. 3, and resistance at $102.10 a barrel, Monday’s high.
• Natural gas futures fell on Friday after investors locked in gains stemming from Thursday’s bullish supply report and sold the commodity for profits. .On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.802 per million British thermal units during U.S. trading, down 1.03%. The commodity hit a session low of $3.782, and a high of $3.875. The September contract settled up 1.45% on Thursday to end at $3.841 per million British thermal units. Natural gas futures were likely to find support at $3.725 per million British thermal units, Monday’s low, and resistance at $3.890, Thursday’s high.The U.S. Energy Information.
TRADING STRATEGY :
- BUY GOLD COMEX ABOVE 1302 TG 1308,1318 SL 1294
- SELL GOLD COMEX BELOW 1286 TG 1280,1270 SL 1294