INTERNATIONAL COMMODITY NEWS :
• Gold prices held steady to weaker in early Asia on Tuesday as investors focus on U.S. monetary policy prospects that seem favorable for eventual higher interest rates. Investors are watching an annual meeting of top central bank officials and economists in Jackson Hole, Wyoming from August 21 to 23. Gold traders will also pay close attention to the minutes of the Fed’s July policy meeting due to be published on Wednesday for further clues about the timing of future interest rate hikes On the Comex division of the New York Mercantile Exchange, goldfutures for December delivery traded at $1,299.00 a troy ounce, down 0.02%, after hitting an overnight session low of $1,296.70 and off a high of $1,304.80.
• Bargain hunters snapped up nicely-priced natural gas futures on Monday and sent the commodity edging up into positive territory, wiping out losses sustained from recent mild weather forecasts. On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.808 per million British thermal units during U.S. trading, up 0.83%. The commodity hit a session low of $3.731, and a high of $3.817.The September contract settled down 3.33% on Friday to end at $3.776 per million British thermal units.
• Crude oil prices gained in Asia on Tuesday as investors saw value after recent declines and ahead of industry stocks data in the U.S. later today. On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in October traded at $93.94 a barrel, up 0.20%, after hitting an overnight session low of $93.44 a barrel and a high of $95.09 a barrel.On Monday, Brent oil on ICE Futures Europe fell 1.9% to $101.60 a barrel, the lowest price since June 25, 2013.
• Copper futures fell to a seven-week low on Wednesday, after disappointing Chinese economic data fuelled concerns over the health of the world’s second largest economy. On the Comex division of the New York Mercantile Exchange, copper for September delivery declined 0.51%, or 1.6 cents, to trade at $3.139 a pound during European morning hours.Prices fell to a session low of $3.134 a pound earlier, the weakest level since June 25. A day earlier, copper futures lost 0.63%, or 2.0 cents, to settle at $3.154 a pound.
TRADING STRATEGY :
- SELL GOLD COMEX BELOW 1300 TG 1294,1284 SL 1310
- BUY GOLD COMEX ABOVE 1302 TGT 1306,1311 SL 1296