23Sep

Comex Commodity Trading Signals and Market News – 23 September 2014

INTERNATIONAL COMMODITY NEWS :

Gold prices were higher to steady in early Asia on Tuesday with the focus on HSBC’s China flash PMI figures for September. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,216.90 a troy ounce, up 0.08%, after hitting an overnight session low of $1,208.90 and off a high of $1,221.00. In China, the flash HSBC manufacturing PMI is due for September with a reading of a borderline between expansion and contraction of 50 expected, down from last month’s final of 50.2, a three-month low .Overnight, gold futures posted modest gains on Monday after disappointing U.S. housing data .The National Association of Realtors reported that existing home sales unexpectedly fell 1.8% to an annual unit rate of 5.05 million in August. Analysts had expected existing home sales to rise 1% to 5.20 million units,

Natural gas prices posted slight gains on Monday after updated weather forecasting models called for warming temperatures in the southern U.S., which should prompt thermal power plants to burn more of the commodity to meet demand for air conditioning. Still, futures dipped into negative territory at times due to uncertainty as how mild temperatures elsewhere may cut into demand for both heating and air conditioning .On the New York Mercantile Exchange, natural gas futures for delivery in November were up 0.28% at $3.914 per million British thermal units during U.S. trading. The commodity hit a session low of $3.865, and a high of $3.939.

• Disappointing U.S. housing data coupled with ongoing concerns that the global economy is awash in crude while demand remains soft sent oil futures falling on Monday. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded down 1.06% at $90.68 a barrel during U.S. trading. New York-traded oil futures hit a session low of $90.426 a barrel and a high of $91.92 a barrel. The November contract settled down 0.36% at $91.65 a barrel on Friday.

Crude oil futures were lower on Monday, as concerns about weak demand and ample global supplies continued to weigh. On the New York Mercantile Exchange, crude oil for delivery in November hit a session low of $91.11 a barrel, the weakest level since September 15. Prices recovered to last trade at $91.32 during European morning hours, down 34 cents, or 0.37%.

RECOMMENDATION :

  • BUY GOLD ABOVE 1220 TGT 1224,1229 SL 1215
  • SELL GOLD BELOW 1212 TGT 1208,1203 SL 1217

Fore more information about Comex Commodity Market Trading or Signals, Please visit- EPIC RESEARCH PRIVATE LIMITED.

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