INTERNATIONAL COMMODITY NEWS :
• Gold prices gained slightly on Friday in Asia on a rebound from overnight dips as investors eyed growth demand cues for further direction. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 0.12% to $1,200.00, after hitting an overnight session low of $1,195.70 and off a high of $1,216.50. Overnight, gold prices dropped in the wake of upbeat U.S. growth data and a Federal Reserve decision to close its monthly bond-buying program. Ultra-loose U.S. monetary policies that have supported gold prices since the 2008 financial crisis are on their way out now that the economy is gaining steam.
• Crude oil prices fell on Friday in Asia with the focus on demand prospects from major importers like China as the U.S. recovery shows renewed signs of strength. On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded down 0.04% at $80.91 a barrel during U.S. trading, after hitting an overnight session low of $80.81 a barrel and off a high of $82.09 a barrel. Overnight, crude oil futures fell after upbeat U.S. growth data and a Federal Reserve decision to close its monthly bond-buying program bolstered the dollar.
• The global Brent contract ended down 1% at $86.24 a barrel on the ICE Futures Europe exchange Thursday.
• With expectations building for heating demand to rise in the coming days. On the New York Mercantile Exchange, natural gas futures for delivery in December were up 1.03% at $3.827 per million British thermal units during U.S. trading. The commodity hit a session low of $3.771, and a high of $3.834. The December contract settled up 1.53% on Wednesday to end at $3.788 per million British thermal units. Natural gas futures were likely to find support at $3.620 per million British thermal units, Tuesday’s low, and resistance at $3.955, the high from Oct. 14. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending Oct. 24 rose by 87 billion cubic feet, above expectations for an increase of 85 billion and compared to a gain of 94 billion in the previous week.
TRADING STRATEGY :
- BUY GOLD ABOVE 1201 TGT 1205,1210 SL 1196
- SELL GOLD BELOW 1195 TGT 1191,1186 SL 1200