INTERNATIONAL COMMODITY NEWS :
• Gold prices shot up on Wednesday and hovered near session highs on news Russian troops are amassing on the Ukraine border, which fueled safe-haven demand for the precious metal. On the Comex division of the New York Mercantile Exchange, goldfutures for December delivery traded at 1,309.10 a troy ounce during U.S. trading, up 1.85%, up from a session low of $1,288.40 and off a high of $1,310.60.The December contract settled down 0.28% at $1,285.30 on Tuesday.
• Crude prices fell on Wednesday despite an upbeat weekly U.S. inventory report, as investors traded on concerns that the global economy is awash in crude. n the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 0.49% at $96.91 a barrel during U.S. trading. New York-traded oil futures hit a session low of $96.75 a barrel and a high of $98.12 a barrel.The September contract settled down 0.93% at $97.38 a barrel on Tuesday.
• Copper futures fell to a more than two-week low on Wednesday, as renewed concerns over the health of China’s economy dampened appetite for growth-linked assets. On the Comex division of the New York Mercantile Exchange, copper for September delivery fell to a daily low of $3.182 a pound, the weakest since July 21, before trimming losses to last trade at $3.188 during European morning hours, down 0.5%, or 1.6 percents.
• West Texas Intermediate oil futures extended gains to hit the highest levels of the session on Wednesday, after data showed that oil supplies in the U.S. fell more than expected last week. On the New York Mercantile Exchange, crude oil for delivery in September advanced 0.69%, or 67 cents, to trade at $98.05 a barrel during U.S. morning hours. Prices were at $97.87 a barrel prior to the release of the supply data.U.S. oil futures fell to $97.00 a barrel on Tuesday, the lowest since February 5, before settling at $97.38, down 0.93%, or 91 percents.
TRADING STRATEGY :
- BUY GOLD COMEX ABOVE 1310 TG 1316 ,1326 SL 1300
- SELL GOLD COMEX BELOW 1296 TG 1290,1280 SL 1306