INTERNATIONAL COMMODITY NEWS :
• Gold prices edged lower in listless trading on Wednesday ahead of a flurry of economic indicators due for release on Thursday. On the Comex division of the New York Mercantile Exchange, goldfutures for December delivery traded at 1,284.00 a troy ounce during U.S. trading, down 0.09%, up from a session low of $1,281.10 and off a high of $1,288.30.The December contract settled up 0.49% at $1,285.20 on Tuesday. Futures were likely to find support at $1,273.40 a troy ounce, Thursday’s low, and resistance at $1,291.90, Tuesday’s high.Gold has come under pressure recently on sentiments that the Federal Reserve remains on track to close up stimulus programs around October and begin raising interest rates in 2015.
• Natural gas prices rose on Wednesday amid expectations that seasonably warm temperatures will hike demand for the commodity at the nation’s thermal power plants as households crank up their air conditioning .On the New York Mercantile Exchange, natural gas futures for delivery in October were up 1.51% at $4.009 per million British thermal units during U.S. trading. The commodity hit a session low of $3.966, and a high of $4.032.The October contract settled down 0.75% on Tuesday to end at $3.949 per million British thermal units.Natural gas futures were likely to find support at $3.732 per million British thermal units, the low from Aug. 17, and resistance at $4.172, the high from July 14.Updated weather forecasting models called for seasonably warm temperatures across most of the country for the coming days, with parts of the eastern and central U.S. seeing above-normal mercury readings into the first week of September.
• Crude oil prices dipped in early Asia on Thursday as ample supplies diminished concerns over oil-producing geopolitical hotspots and the prospects of faster economic growth in the United States. On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in October traded at $93.74 a barrel, down 0.15%, after hitting an overnight session low of $93.39 a barrel and a high of $94.24 a barrel. Overnight, crude prices slipped despite a bullish weekly supply report, as the data revealed that inventories rose at a key U.S. delivery point. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories declined by 2.1 million barrels in the week ended Aug. 22, far surpassing expectations for a decline of 1.3 million barrels.
TRADING STRATEGY :
- BUY GOLD ABOVE 1287 TGT 1291,1296 SL 1282
- SELL GOLD BELOW 1280 TGT 1276,1271 SL 1285