INTERNATIONAL COMMODITY NEWS :
• BUY IRB INFRA FUTURE ABOVE 273.50 TG 274.10, 275, 276 SL 272.90 . On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,255.80 a troy ounce, up 0.58%, after hitting an overnight session low of $1,248.30 and off a high of $1,258.90. Overnight, expectations that the Federal Reserve will hike interest rates sooner rather than later in 2015 boosted the dollar on Tuesday and sent gold prices falling. The December contract settled down 1.03% at $1,254.30 on Monday. Futures were likely to find support at $1,241.20 a troy ounce, the low from June 5, and resistance at $1,279.20, last Thursday’s high.
• Oil prices moved off nine-month lows on Tuesday, brushing off weak Chinese import data and Friday’s soft U.S. jobs report on hopes weekly supply data will reflect solid demand in the world’s largest consumer of crude. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded up 0.29% at $92.93 a barrel during U.S. trading. New York-traded oil futures hit a session low of $92.53 a barrel and a high of $93.94 a barrel. The October contract settled down 0.68% at $92.66 a barrel on Monday. Nymex oil futures were likely to find support at $91.24 a barrel, the low from Jan. 9, and resistance at $93.62 a barrel, Monday’s high.
• Natural gas prices shot up on Tuesday after updated weather-forecasting models called below-normal temperatures to sweep across the northern U.S. and prompt households to crank up their heating. On the New York Mercantile Exchange, natural gas futures for delivery in October were up 2.88% at $3.988 per million British thermal units during U.S. trading. The commodity hit a session low of $3.855, and a high of $4.016. The October contract settled up 2.19% on Monday to end at $3.876 per million British thermal units. Natural gas futures were likely to find support at $3.761 per million British thermal units, Monday’s low, and resistance at $4.078, the high from Sept. 2.
• West Texas Intermediate oil futures bounced off an eight-month low struck in the previous session on Tuesday, ahead of the release of U.S. weekly supply data. On the New York Mercantile Exchange, crude oil for delivery in October inched up 0.56%, or 52 cents, to trade at $93.18 a barrel during U.S. morning hours. Prices held in a range between $92.77 and $93.94 a barrel.
TRADING STRATEGY :
- BUY GOLD ABOVE 1260 TGT 1264,1270 SL 1255
- SELL GOLD BELOW 1252 TGT 1248,1243 SL 1257