INTERNATIONAL COMMODITY NEWS :
• Gold rebounded in Asia on Friday on physical demand prospects as holidays approach in India and buying picks up for expected year-end events as well. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded a $1,242.00 a troy ounce, up 0.24%, after hitting an overnight session low of $1,235.80 and off a high of $1,250.80.gold prices slipped as investors avoided the yellow metal ahead of the Federal Reserve’s statement on monetary policy meeting next week, which many bet will see further cuts to the U.S. central bank’s monthly bond-buying program. The December contract settled down 0.26% at $1,245.30 on Wednesday. Futures were likely to find support at $1,235.20 a troy ounce, the low from Jan. 23, and resistance at $1,279.20, last Thursday’s high.
• Oil prices shot up on Wednesday after the U.S. said it would join its European allies and slapped fresh sanctions on Russia on accusation of meddling in the Ukraine conflict, which stoked fears a ceasefire could end and allow fighting to disrupt crude supply. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded up 1.39% at $92.95 a barrel during U.S. trading. New York-traded oil futures hit a session low of $90.46 a barrel and a high of $92.98 a barrel. The October contract settled down 1.16% at $91.67 a barrel on Wednesday. Nymex oil futures were likely to find support at $90.46 a barrel, the session low, and resistance at $93.94 a barrel, Tuesday’s high.
• Natural gas prices took a dive on Thursday after data revealed U.S. stockpiles rose more than expected last week. On the New York Mercantile Exchange, natural gas futures for delivery in October were down 3.25% at $3.826 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. Natural gas futures were likely to find support at $3.761 per million British thermal units, Monday’s low, and resistance at $4.016, Tuesday’s high. Injections of gas into storage have surpassed the five-year average for 21 consecutive weeks, alleviating concerns over tightening supplies.
TRADING STRATEGY :
- BUY GOLD ABOVE 1240 TGT 1244,1249 SL 1235
- SELL GOLD BELOW 1230 TGT 1226,1221 SL 1235