INTERNATIONAL COMMODITY NEWS :
- Gold futures struggled for direction on Monday, as investors looked ahead to Friday’s U.S. jobs report for August, which could help to provide clarity on the likelihood of a near-term interest rate hike.
- Crude oil futures declined on Monday, as traders cashed out of the market after prices scored their biggest two-day percentage gain since 2009 last week.
- Copper futures declined on Monday, as worries over China’s slowing economy dampened demand for the red metal.
ECONOMY NEWS :
- With China’s stock market remaining volatile, the country’s regulators are continuing a crack-down on rumors, which they say are partly to blame for recent falls that have wiped more than 30 percent off the value of Chinese shares.
- Comments by Federal Reserve Vice Chairman Stanley Fischer over the weekend suggested that the door was still open for a rate hike at the Fed’s next meeting due to take place September 16-17.
- The only data scheduled for Monday is the Chicago Purchasing Managers’ index, due for release at 9:45AM ET.
TRADING STRATEGY :
- BUY GOLD ABOVE 1142 TARGET 1147 1153 SL 1136
- SELL GOLD BELOW 1140 TARGET 1135 1129 SL 1146