INTERNATIONAL COMMODITY NEWS :
• Gold prices fell on Friday due to weak demand in Asia, though escalating tensions in Ukraine brought the yellow metal off session lows. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,304.70 a troy ounce during U.S. trading, down 0.84%, up from a session low of $1,293.80 and off a high of $1,316.40. Futures were likely to find support at $1,283.30 a troy ounce, the low from Aug. 5, and resistance at $1,321.80, Thursday’s high. Gold has served as a hedge to geopolitical pressures in recent sessions, though weak Asian demand kept the precious metal in negative territory despite soft data in the U.S., which normally supports the asset.
• Oil prices spiked on Friday on news of escalating tensions in Ukraine, which offset a mixed bag of data out of the U.S. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded up 1.43% at $96.95 a barrel during U.S. trading. New York-traded oil futures hit a session low of $95.33 a barrel and a high of $97.16 a barrel. Nymex oil futures were likely to find support at $95.26 a barrel, Thursday’s low, and resistance at $98.58 a barrel, Monday’s high.News that Ukrainian troops destroyed a portion of a Russian column of armored vehicles inside Ukraine sent oil prices spiking on fears the conflict will escalate and disrupt crude shipments out of Russia.
• Profit taking sent natural gas futures falling on Friday, fueled by weather reports calling for a break in a U.S. heat wave. On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.771 per million British thermal units during U.S. trading, down 3.46%. The commodity hit a session low of $3.765, and a high of $3.901. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending Aug. 8 rose by 78 billion cubic feet, below expectations for an increase of 83 billion cubic feet.
TRADING STRATEGY :
- SELL GOLD BELOW 1300 TG 1294,1284 SL 1310
- BUY GOLD 1311 TG 1317,1327 SL 1301