INTERNATIONAL COMMODITY NEWS :
• Gold prices eased in Asia on Wednesday as the market readies for the Federal Reserve announcement on its latest policy stance. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,227.90 a troy ounce, down 0.05%, after hitting an overnight session low of $1,222.40 and off a high of $1,235.20. The Fed is widely seen closing its bond-buying program, though uncertainty as to whether or not the statement will contain dovish or hawkish language surrounding interest rates prompted investors to avoid the yellow metal ahead of time.
• Natural gas prices shot up on Tuesday after updated weather-forecasting models predicted cold Canadian air to make its way south in the lower 48 states in the coming days and drive demand for heating. On the New York Mercantile Exchange, natural gas futures for delivery in December were up 3.40% at $3.761 per million British thermal units during U.S. trading. The commodity hit a session low of $3.623, and a high of $3.762. The December contract settled down 1.65% on Monday to end at $3.637 per million British thermal units. Natural gas futures were likely to find support at $3.622 per million British thermal units, Monday’s low, and resistance at $3.842, the high from Oct. 20.
• Crude oil rices retained gains into Wednesday in as industry data on U.S. crude oil stocks showed a slightly smaller build than expected. ion-barrel decline in distillate stocks late Tuesday. The closely watched survey from the Energy Information Administration is due at 10:30 a.m. EDT Wednesday and the forecast is for a 3.371 million barrel build in crude supplies. On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded at $81.54, up 0.29%, after hitting an overnight session low of $80.37 a barrel and off a high of $81.65 a barrel.
• Copper prices rose to a two-week high on Tuesday, as concerns over a disruption to supplies from the world’s third largest mine in Indonesia boosted prices. On the Comex division of the New York Mercantile Exchange, copper for December delivery rose to a session high of $3.082 a pound, the most since October 15. Prices last traded at $3.077 a pound during European morning hours, up 1.3 cents, or 0.41%. Futures were likely to find support at $3.026, the low from October 27, and resistance at $3.085, the high from October 15.
TRADING STRATEGY :
- BUY GOLD ABOVE 1232 TGT 1236,1241 SL 1227
- SELL GOLD BELOW 1227 TGT 1222,1217 SL 1232