INTERNATIONAL COMMODITY NEWS :
• Gold prices eased in Asia on Wednesday as investors continued to watch the dollar, which traded largely flat .On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,209.70 a troy ounce, up 0.09%, after hitting $1,210.30 a troy ounce during U.S. trading, down 0.70%. It hit a session low of $1,205.00 and off a high of $1,220.50. Overnight gold futures edged lower and threatened to post their first quarterly this year after soft European inflation data sparked demand for the U.S. dollar, which trades inversely with the yellow metal. Eurostat, the statistics arm of the European Union, reported earlier that the euro area’s annual inflation rate fell to a five-year low of 0.3% in September from 0.4% in August. Core inflation, which strips out food, energy, alcohol and tobacco costs, came in at 0.7%, down from 0.9% in August.
• Natural gas prices fell on Tuesday after updated weather-forecasting models called for mild temperatures in the U.S. to offset the bullish pressures seen coming from a cool snap affecting portions of the central and northeastern reaches of the country . On the New York Mercantile Exchange, natural gas futures for delivery in November were down 0.77% at $4.122 per million British thermal units during U.S. trading. The commodity hit a session low of $4.100, and a high of $4.174.The November contract settled up 3.10% on Monday to end at $4.154 per million British thermal units. Natural gas futures were likely to find support at $4.011 per million British thermal units, Monday’s low, and resistance at $4.174, the session high.
• Copper futures edged lower on Tuesday, as weaker than expected Chinese manufacturing data added to concerns over the health of the world’s second largest economy. On the Comex division of the New York Mercantile Exchange, copper or December delivery traded at $3.044 a pound during European morning hours, down 1.2 cents from $3.056 on Monday. Futures were likely to find support at $3.012, the low from September 29 and resistance at $3.067, the high from September 29.
• Crude oil prices eased in Asia on Tuesday with investors looking ahead to weekly industry and government reports on U.S. crude oil stockpiles expected to be bearish. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $94.31 a barrel, down 0.21%, after hitting an overnight session low of $92.75 a barrel and a high of $94.63 a bar.
TRADING STRATEGY :
- BUY GOLD ABOVE 1210 TGT 1214,1219 SL 1205
- SELL GOLD BELOW 1203 TGT 1199,1194 SL 1208