INTERNATIONAL COMMODITY NEWS :
• Gold prices dipped on Tuesday after upbeat U.S. housing and consumer inflation cemented expectations for the Federal Reserve to chip away at its ultra-loose monetary policies that have supported the precious metal for years On the Comex division of the New York Mercantile Exchange, goldfutures for December delivery traded at 1,296.70 a troy ounce during U.S. trading, down 0.20%, up from a session low of $1,295.00 and off a high of $1,303.30.The December contract settled down 0.53% at $1,299.30 on Monday.
• Copper futures edged higher on Tuesday, as market players looked ahead to the release of key U.S. data later in the session for further indications on the strength of the economy. On the Comex division of the New York Mercantile Exchange, copper for September delivery inched up 0.24%, or 0.7 cents, to trade at $3.117 a pound during European morning hours. Prices held in a narrow range between $3.106 and $3.122 a pound.
• Oil prices carried Monday’s sell off into Tuesday as investors ignored upbeat U.S. data, ditching the commodity on perceptions that the global market is awash in crude at a time geopolitical pressures are waning. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded down 1.06% at $92.76 a barrel during U.S. trading. New York- traded oil futures hit a session low of $92.65 a barrel and a high of $94.37 a barrel. The October contract settled down 1.65% at $93.75 a barrel on Monday. Nymex oil futures were likely to find support at $91.43 a barrel, the low from Jan.13 , and resistance at $95.14 a barrel, Monday’s high.
• Forecasts for rising temperatures across the U.S. Midwest sent natural gas prices rising on Tuesday. On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.897 per million British thermal units during U.S. trading, up 2.76%. The commodity hit a session low of $3.781, and a high of $3.915.
TRADING STRATEGY :
- BUY GOLD COMEX ABOVE 1300 TGT 1304,1309 SL1295
- SELL GOLD COMEX BELOW 1292 TGT 1288,1283 SL1297