INTERNATIONAL COMMODITY NEWS :
• Gold prices eased in early Asian trade on Friday with investors focused on demand cues from Switzerland and year-end holiday sales. On the Comex division of the New York Mercantile Exchange,gold future for February delivery traded at $1,189.50 a troy ounce, down 0.06%. Overnight, gold prices inched lower on Thursday, as trading conditions remained thin with markets in the U.S. closed for the Thanksgiving Day holiday.
• U.S. Natural Gas prices plunged sharply in holiday-thinned trade on Thursday, as updated weather forecasting models for the first week of December pointed to a return to mild weather, prompting investors to bet that utilities and homes will burn less natural gas as demand for heating falls.On the New York Mercantile Exchange, natural gas for delivery in January fell by as much as 2.95% to touch a daily low of $4.274 per million British thermal units, before recovering to last trade at $4.280, down 12.3 cents, or 2.79%.
• Copper futures bounced off the previous session’s eight-month low on Thursday, amid speculation policymakers around the world will have to introduce further stimulus measures to support the global economy and boost growth. On the Comex division of the New York Mercantile Exchange, copper for March delivery tacked on 0.6 cents, or 0.21% to trade at $2.963 a pound during European morning hours.
• Crude Oil prices fell in early Asia on Friday as the market digested a decision by OPEC to largely leave current production intact that sent the commodity to a multi-year low overnight. On the New York Mercantile Exchange, crude oil for delivery in January traded at $68.97 a barrel, down 0.14%. Overnight, oil prices tumbled to their lowest level in more than four years on Thursday after the Organization of the Petroleum Exporting Countries left output quotas unchanged.
• West Texas Intermediate oil prices tumbled to the lowest level since May 2010 on Thursday, after the Organization of the Petroleum Exporting Countries decided not to cut output at the conclusion of its highly-anticipated meeting. Elsewhere, on the ICE Futures Exchange in London,Brent oil for January delivery lost as much as 6.35% to hit a session low of $72.81 a barrel, a level not seen since June 2010, before trimming losses to last trade at $73.19, down $4.57, or 5.87%.
TRADING STRATEGY :
- SELL GOLD BELOW 1180 TARGET 1170 1160 SL 1190
- BUY GOLD ABOVE 1193 TARGET 1203 1213 SL 1183