INTERNATIONAL COMMODITY NEWS :
• Gold futures edged higher on Tuesday, but remained below the key $1,300-level, as prospects of an interest rate hike in the U.S. held gains in check. On the Comex division of the New York Mercantile Exchange, gold for December delivery tacked on 0.29%, or $3.80, to trade at $1,292.70 a troy ounce during European morning hours. Prices held in a narrow range between $1,288.30 and $1,293.50. Gold ended Monday’s session down 0.46%, or $5.90, to settle at $1,288.90 an ounce. Futures were likely to find support at $1,281.00, the low from August 1 and resistance at $1,314.60, the high from July 29.
• Copper futures declined on Tuesday, after data showed that China’s services sector grew at its slowest pace in nearly nine years in July. On the Comex division of the New York Mercantile Exchange, copper for September delivery dipped 0.16%, or 0.5 cents, to trade at $3.239 a pound during European morning hours. Prices held in a narrow range between $3.236 and $3.249 a pound. Copper ended Monday’s session up 0.92%, or 2.9 cents, to settle at $3.244.Futures were likely to find support at $3.199, the low from August 4 and resistance at $3.262, the high from July 30.
• Gold prices fell on Monday after investors ditched safe-haven positions in the yellow metal and went long on U.S. stocks due to earnings and jobs data. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,288.60 a troy ounce during U.S. trading, down 0.48%, up from a session low of $1,287.10 and off a high of $1,296.40. The December contract settled up 0.94% at $1,294.80 on Friday.Futures were likely to find support at $1,281.00 a troy ounce, Friday’s low, and resistance at $1,314.60, last Tuesday’s high.U.S. stocks rose on Monday after legendary investor Warren Buffett’s company Berkshire Hathaway beat expectations, which cut into the need for safe-haven gold positions.
• n the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 1.12% at $97.19 a barrel during U.S. trading. New York-traded oil futures hit a session low of $97.04 a barrel and a high of $98.67 a barrel. The September contract settled up 0.42% at $98.29 a barrel on Friday.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, the high from July 28.Despite data suggesting the U.S. economy is improving, growing concerns that the global economy is not gaining enough steam to make a dent in ample crude supplies sent the commodity tumbling on Tuesday, offsetting otherwise bullish pressures in the U.S. and in Eastern Europe.
TRADING STRATEGY :
- BUY GOLD COMEX ABOVE 1298 TG 1304,1314 SL 1288
- SELL GOLD COMEX BELOW 1279 TG 1273,1263 SL 1289