Comex Commodity Trading Signals and Market News – 05 September 2014


Gold prices eased further in Asia on Friday, driven by sentiment the dollar will move to further strength after the European Central Bank cut rates and that physical demand may wane. On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at $1,258.80 a troy ounce, down 0.61%, after hitting an overnight session low of $1,267.60 and off a high of $1,277.90. gold prices moved lower after upbeat U.S. service-sector data fueled demand for the greenback, though a ECB decision to stimulate the economy cushioned losses by sending investors hedging the precious metal against a sliding euro. The Institute for Supply Management reported earlier that its services index rose to 59.6 in August from 58.7 in July, far surpassing market forecasts for a downtick to 57.5.

Natural gas prices took a dive on Thursday after a widely-watched report revealed that U.S. inventories grew more last week than markets were anticipating. On the New York Mercantile Exchange, natural gas futures for delivery in October were down 1.26% at $3.799 per million British thermal units during U.S. trading. The commodity hit a session low of $3.791, and a high of $3.879. The October contract settled down 1.11% on Wednesday to end at $3.847 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 $4.078, Tuesday’s high. Analysts were expected a build of 73 billion cubic feet, and the greater than-expected figure softened natural gas prices.

Copper futures bounced off the previous session’s two-week low on Thursday, as investors looked ahead to a policy decision from the European Central Bank as well as key U.S. data scheduled for later in the session. Prices held in a range between $3.127 and $3.145 a pound. Futures were likely to find support at $3.113, the low from August 20 and resistance at $3.174 a pound, the high from September 2. Focus turns to the European Central Bank’s policy meeting later in the day, amid speculation the central bank could unveil fresh stimulus measures to fight inflation and boost growth.

• West Texas Intermediate oil futures were lower on Thursday, as investors awaited the release of weekly supply data out of the U.S. later in the session to gauge the strength of oil demand from the world’s largest consumer. The report comes out one day later than usual because of the U.S. Labor Day holiday. On the New York Mercantile Exchange, crude oil for delivery in October declined 0.89%, or 85 cents, to trade at $94.69 a barrel during European morning hours. Prices held in a narrow range between $94.66 and $95.28 a barrel. Futures were likely to find support at $93.06 a barrel, the low from September 3 and resistance at $95.91 a barrel, the high from September 2.


  • BUY GOLD ABOVE 1266 TGT 1270,1275 SL 1261
  • SELL GOLD BELOW 1262 TGT 1258,1253 SL 1267

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