INTERNATIONAL COMMODITY NEWS :
- Oil prices fell sharply on Tuesday after official data showed China’s giant manufacturing sec- tor, one of the main engines powering the world’s biggest energy consumer, contracted at its fastest pace in three years.
- Gold futures rallied on Tuesday, as steep losses in global equity markets supported demand for the yellow metal.
- Copper prices fell on Tuesday, after a pair of reports on China’s manufacturing sector added to concerns over a deepening slowdown in the world’s second largest economy.
ECONOMY NEWS :
- Global economic growth is likely to be weaker than earlier expected, the head of the International Monetary Fund said on Tuesday, due to a slower recovery in advanced economies and a further slowdown in emerging nations.
- Market sentiment weakened after a pair of reports on China’s manufacturing sector added to indications that the world’s second largest economy is losing momentum.
- The number of Japanese nuclear reactors likely to restart in the next few years has halved, hit by legal challenges and worries about meeting tougher safety standards imposed in the wake of the Fukushima disaster.
TRADING STRATEGY :
- BUY GOLD ABOVE 1140 TARGET 1145 1151 SL 1134
- SELL GOLD BELOW 1137 TARGET 1131 1125 SL 1144