INTERNATIONAL COMMODITY NEWS :
- Gold futures were modestly higher on Wednesday, as market players looked ahead to the release of key U.S. data later in the session amid ongoing uncertainty over the timing of a Federal Reserve rate hike.
- Copper futures struggled for direction on Wednesday, as investors focused on the deteriorating out-look for China and its impact on the global economy.
- West Texas Intermediate oil futures extended heavy losses from the prior session on Wednesday, as market participants looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.
ECONOMY NEWS :
- Bond guru Bill Gross, who has long called for the Federal Reserve to raise interest rates, said on Wednesday that U.S. central bankers may have missed their window of opportunity to hike rates earlier this year and normalizing them now could create “self-inflicted financial instability.”
- Market players looked ahead to the release of key U.S. data later in the session amid ongoing uncertainty over the timing of a Federal Reserve rate hike.
- The Shanghai Composite took investors on another volatile ride on Wednesday, tumbling by as much as 4.6% after the open, before paring losses after the midday break to end down 0.4%.
TRADING STRATEGY :
- BUY GOLD ABOVE 1134 TARGET 1139 1145 SL 1128
- SELL GOLD BELOW 1132 TARGET 1127 1121 SL 1138