INTERNATIONAL COMMODITY NEWS :
• Gold gained in Asia on Thursday as India moves into the festive season of Diwali and fall weddings with the precious metal a traditional gift. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,249.90 a troy ounce, up 0.37%, after hitting an overnight session low of $1,244.60 and off a high of $1,258.50. Gains were limited, however, as expectations for changing U.S. monetary policy within a year supported the dollar, which trades inversely with gold. The December contract settled down 0.46% at $1,248.50 on Tuesday.
• Oil prices dropped to fresh eight-month lows on Wednesday after data revealed U.S. stockpiles fell less than markets were expecting last week, while a stronger U.S. dollar exacerbated losses. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded down 1.20% at $91.64 a barrel during U.S. trading. New York-traded oil futures hit a session low of $91.27 a barrel and a high of $93.03 a barrel. The October contract settled up 0.10% at $92.75 a barrel on Tuesday Nymex oil futures were likely to find support at $91.24 a barrel, the low from Jan. 9, and resistance at $93.94 a barrel, Tuesday’s high.
• Natural gas prices fell on Wednesday after investors locked in gains from bullish weather reports and sold for profits, jumping to the sidelines to await Thursday’s weekly supply report. On the New York Mercantile Exchange, natural gas futures for delivery in October were down 0.51% at $3.964 per million British thermal units during U.S. trading. The commodity hit a session low of $3.940, and a high of $3.993. The October contract settled up 2.79% on Tuesday to end at $3.984 per million British thermal units.
• West Texas Intermediate oil futures extended losses to hit a fresh eight-month low on Wednesday, after data showed that oil supplies in the U.S. fell less than expected, while gasoline stockpiles rose unexpectedly. On the New York Mercantile Exchange, crude oil for delivery in October tumbled 1.24%, or $1.15, to trade at $91.60 a barrel during U.S. morning hours. Total U.S. crude oil inventories stood at 358.6 millio barrels as of last week.
TRADING STRATEGY :
- BUY GOLD ABOVE 1252 TGT 1256,1261 SL1247
- SELL GOLD BELOW 1245 TGT 1241.1237 SL 1250