Comex Commodity Trading Signals and Market News – 22 September 2014


Gold prices eased in Asia on Monday with markets looking ahead to data signals on the U.S. economy and in China for the outlook on key industrial metal copper. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,215.80 a troy ounce, down 0.03%, after hitting on Friday a session low of $1,214.20 a troy ounce on Friday, a level not seen since Jan. 2. Prices recovered last week to settle at $1,216.60, down $10.30, or 0.84%, for the day. For the week, Comex gold prices lost $14.90, or 1.2%, the third consecutive weekly drop.Last week, the Federal Reserve cut its monthly bond-buying program by another $10 billion following its two-day policy meeting on September 17, keeping the program on track to finish next month. While the Fed reiterated that it expects rates to remain on hold for a “considerable time” after its quantitative easing program ends, it also projected a faster pace of rate hikes.

• U.S. natural gas futures ended Friday’s session lower, as investors monitored near-term weather forecasts to gauge the strength of demand for the fuel. On the New York Mercantile Exchange, natural gas for delivery in October shed 7.3 cents, or 1.87%, to settle at $3.837 per million British thermal units by close of trade on Friday.A day earlier, natural gas prices plunged 10.3 cents, or 2.57%, to end at $3.910.Futures were likely to find support at $3.786 per million British thermal units, the low from September 12 and resistance at $4.027, the high from September 18. On the week, Nymex natural gas prices lost 2.0 cents, or 0.51%. The U.S. Energy Information Administration said that natural gas storage in the U.S. rose by 90 billion cubic feet last week. Inventories rose by 48 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 71 billion cubic feet.

• A stronger U.S. dollar coupled with concerns the world is awash in crude sent oil futures falling on Friday. A firmer greenback makes oil less attractive on dollar denominated exchanges, especially in the eyes of investors holding other currencies. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded down 0.43% at $91.58 a barrel during U.S. trading. New York-traded oil futures hit a session low of $91.16 a barrel and a high of $92.24 a barrel. The November contract settled down 1.31% at $91.98 a barrel on Thursday. 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.Concerns that global oil supply is outstripping demand sent crude futures falling on Friday.


  • BUY GOLD ABOVE 1218 TGT 1222,1227 SL 1213
  • SELL GOLD BELOW 1210 TGT 1206,1200 SL1215

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