INTERNATIONAL COMMODITY NEWS :
• Gold prices fell in Asia Wednesday as investors sold early on gains overnight and kept an eye on the dollar for renewed strength. On the Comex division of the New York Mercantile Exchange, goldfutures for December delivery traded at $1,281.50 a troy ounce, down 0.29%, after hitting an overnight session low of $1,276.20 and off a high of $1,291.70. Overnight, gold prices rose after the U.S. dollar, which trades inversely with the yellow metal, cooled its advance in a bout of profit taking and against mixed U.S. data. Orders for durable goods in June were revised up to a 2.7% gain from a previously reported increase of 1.7%.
• Natural gas prices carried Monday’s gains into Tuesday in choppy trading on expectations that warm summertime temperatures will hike demand for air conditioning, though supply uncertainty pushed the commodity into negative territory at times. On the New York Mercantile Exchange, natural gas futures for delivery in October were up 0.34% at $3.993 per million British thermal units during U.S. trading. The commodity hit a session low of $3.944, and a high of $4.019 .The October contract settled up 2.47% on Monday to end at $3.979 per million British thermal units. Updated weather forecasting models showed that above-normal temperatures will blanket most parts of the eastern and central U.S. through Sept. 4.Supply uncertainty, however, allowed for choppy trading and pushed prices into negative territory at times.
• Crude prices rose on Tuesday after investors digested a mixed bag of U.S. indicators and determined the numbers reflected a more robust U.S. economy, though global supply concerns watered down gains. n the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded up 0.56% at $93.87 a barrel during U.S. trading. New York-traded oil futures hit a session low of $93.34 a barrel and a high of $94.34 a barrel. U.S. economic indicators, though mixed, were strong enough to convince markets that the world’s largest economy is gaining steam and will consume more fuel and energy going forward.
TRADING STRATEGY :
- BUY GOLD ABOVE 1288 TGT 1292,1297 SL 1283
- SELL GOLD BELOW 1282 TGT 1278,1273 SL 1287