INTERNATIONAL COMMODITY NEWS :
- A second oil price rout of 2015 has forced Arab OPEC members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude for longer to defend market share and curb rivals’ output.
- Gold futures surged on Friday ending a four-day losing streak, as the Chinese equity crisis and the timing of a closely-watched interest rate hike from the Federal Reserve remained in focus.
- U.S. crude futures extended a substantial rally one day after posting its strongest session in six years, as the fallout continued from reports that Venezuela could be pushing OPEC to hold an emergency meeting to reverse crashing energy prices throughout the world.
ECONOMY NEWS :
- A U.S. Postal Service employee in Alabama was arrested on Friday after she was indicted on more than 50 federal charges in connection with a $1.5 million identity theft tax refund scheme.
- The U.S. Federal Reserve on Friday left the door open to a September interest rate hike even while several central bank officials acknowledged that turmoil in financial markets, if prolonged, could delay monetary policy tightening.
- Former Greek Prime Minister Alexis Tsipras’ leftist Syriza will emerge as the biggest party in next month’s election but without the majority it was hoping for, the first opinion polls since he resigned last week showed on Friday.
TRADING STRATEGY :
- BUY GOLD ABOVE 1135 TARGET 1140 1146 SL 1129
- SELL GOLD BELOW 1133 TARGET 1128 1122 SL 113