INTERNATIONAL COMMODITY NEWS :
• Gold prices fell further in Asia on Thursday as prospects for a Federal Reserve hike in interest rates next year weighed on investors. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,218.00 a troy ounce, down 0.49%, after hitting an overnight session low of $1,228.40 and off a high of $1,239.90. The Federal Reserve said earlier it was leaving its benchmark interest rate unchanged at 0.00-0.25% and added it would likely close its monthly bond-buying program in October. The Fed decided earlier to trim that figure to $15 billion and will likely close it at its Oct. 28-29 meeting.
• Oil prices dropped in U.S. trading on Wednesday after a bearish U.S. inventory report offset otherwise bullish news that the OPEC oil cartel is planning to trim output. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded down 1.06% at $92.82 a barrel during U.S. trading. New York-traded oil futures hit a session low of $92.77 a barrel and a high of $94.01 a barrel. The November contract settled up 1.98% at $93.81 a barrel on Tuesday. Nymex oil futures were likely to find support at $89.76 a barrel, Monday’s low, and resistance at $94.12 a barrel, Tuesday’s high.
• Natural gas prices posted fresh gains on Wednesday after updated weather-forecasting models called for both warm and cool temperatures that should drive demand for both air conditioning and heating, respectively. futures for delivery in October were up 0.18% at $4.002 per million British thermal units during U.S. trading. The commodity hit a session low of $3.961, and a high of $4.040.The October contract settled up 1.63% on Tuesday to end at $3.Natural gas futures were likely to find support at $3.786 per million British thermal units, Friday’s low, and resistance at $4.078, the high from Sept. 2.
• West Texas Intermediate oil futures were lower on Wednesday, 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. A day earlier, U.S. oil prices rallied $1.82, or 1.98%, to end at a two-week peak of $93.81 a barrel. Prices traded in a range between $93.44 and $93.88. Futures were likely to find support at $89.76 a barrel, the low from September 15 and resistance at $94.99, the high from September 5. The report also showed that gasoline stockpiles decreased by 1.2 million barrels, while distillate stocks rose by 1.0 million barrels.
- BUY GOLD ABOVE 1228 TGT 1232,1237 SL 1223
- SELL GOLD BELOW 1220 TGT 1216,1211 SL 1225