Comex Commodity Trading Signals and Market News – 29 September 2014


Gold prices eased further in Asia on Monday as investors expect continued dollar strength on an expected Federal Reserve rate hike sometime next year. On the Comex, gold futures for December delivery traded at $1,217.80 a troy ounce, down 0.08%.Last week, gold futures ended close to their lowest levels of the year as the U.S. dollar notched up its eleventh consecutive week of gains, hitting investor demand for the precious metal. A stronger U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.

Crude oil prices fell in ASia on Monday with the supply outlook prompting profit taking after last week’s gains on solid U.S. GDP data. Crude oil for delivery in November traded at $93.07 a barrel, down 0.34%, as investors took profits on last week’s gain. Last week, U.S. crude oil futures rose, boosted by expectations that accelerating economic growth would support demand, while Brent oil futures ended flat, narrowing the gap between the two contracts to the smallest in nearly a year. Brent oil for November delivery ended last week almost unchanged at $97.02 a barrel on the ICE Futures Exchange in London and ended the week down 1.07%.

Natural gas prices moved up and down on Friday after updated weather forecasting models called for mild temperatures in the coming days, which should curb demand for both air conditioning and heating. Trading was choppy, however, as longer-term models predicted significant cooling in the eastern U.S. later in October. On the New York Mercantile Exchange, natural gas futures for delivery in November were up 0.39% at $4.030 per million British thermal units during U.S. trading. The commodity hit a session low of $3.970, and a high of $4.034.The November contract settled up 1.24% on Thursday to end at $4.014 per million British thermal units.

Gold and the greenback tend to trade inversely with one another. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,224.00 a troy ounce during U.S. trading, up 0.37%, up from a session low of $1,207.40 and off a high of $1,225.10.The December contract settled down 0.20% at $1,219.50 on Wednesday.


  • BUY GOLD ABOVE 1215 TGT 1211,1207 SL 1220
  • SELL GOLD BELOW 1222 TGT 1226,1231 SL 1207

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