INTERNATIONAL COMMODITY NEWS :
• Gold prices fell on Friday after reports that Russia was standing down on the border with Ukraine coupled with news that the U.S. has launched airstrikes in Iraq to halt a Sunni insurgency there chipped away at the yellow metal’s safe-haven appeal. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,310.70 a troy ounce during U.S. trading, down 0.14%, up from a session low of $1,307.60 and off a high of $1,324.10. The December contract settled up 0.33% at $1,312.50 on Thursday.
• Crude prices came off earlier highs on Friday after markets bet that U.S. airstrikes against Sunni insurgents in Iraq will halt the advance and buffer the country’s large oilfields in the south. The September contract settled up 0.43% at $97.34 a barrel on Thursday.
• Natural gas futures traded near session highs on Friday after updated weather-forecasting models predicted a heat wave to trekk across the eastern U.S. in the coming days, which should hike demand for air conditioning. On the New York Mercantile Exchange, naturalgas futures for delivery in September traded at $3.957 per million British thermal units during U.S. trading, up 2.08%. The commodity hit a session low of $3.874, and a high of $3.960. The September contract settled down 1.45% on Thursday to end at $3.876 per million British thermal units.
• Gold futures rose to three-week highs on Friday, as mounting geopolitical tensions in Iraq and Ukraine further boosted safe- haven demand. On the Comex division of the New York Mercantile Exchange, goldfor December delivery traded at $1,321.10 a troy ounce during European morning trade, gaining 0.66%.The December contract settled 0.33% higher on Thursday to end at $1,312.5 a troy ounce.
• Crude oil futures rose on Friday, as geopolitical tensions in Iraq fuelled speculation over potential supply disruptions in the region. Oil prices gained ground after U.S. President Barack Obama on Thursday authorized air strikes in Iraq to put an end to an onslaught by Islamic militants and begun military air-drops of humanitarian supplies to besieged religious minorities to prevent a “potential act of genocide”.
TRADING STRATEGY :
- BUY COMEX GOLD ABOVE 1322 TG 1332,1352 SL 1306
- SELL COMEX GOLD BELOW 1300 TG 1290,1270 SL 1315