INTERNATIONAL COMMODITY NEWS :
- Gold fell mildly on Friday amid a relatively flat dollar, as a mixed U.S. jobs report for the month of August provided few signals on the likelihood of a September rate hike by the Federal Reserve. Copper futures extended gains from the prior session to hit a one-week high on Thursday, as a sharp rebound on Wall Street overnight helped soothe investors’ tattered nerves..
- Crude futures inched down on Friday amid a relatively flat dollar, as U.S. oil rigs fell for the first time in six weeks, marking its largest weekly decline since the start of the summer.
- Oil prices fell on Friday, pushing benchmark North Sea Brent crude down towards $50 a barrel, after a cut in European growth forecasts heightened worries over the outlook for demand at a time of huge oversupply.
ECONOMY NEWS :
- U.S. employers added 173,000 jobs in August, less than widely expected, but the unemployment rate still edged down to 5.1 percent, its lowest level since April 2008, the Labor Department said Friday. Meanwhile, wage growth – which has been stagnant for years — edged up slightly more than anticipated to 2.2 percent. .
- Emerging markets have voiced concern about the possibility and timing of rate hikes by the Federal Reserve but a G20 communique from a meeting of finance chiefs in Turkey will not urge the U.S. central bank against such moves, a delegate said on Friday.
- The Bank of Japan does not need to expand monetary policy in October even if it cuts its growth and price forecasts, as long as inflation expectations are well anchored, the IMF’s mission chief for Japan said on Friday.
TRADING STRATEGY :
- BUY GOLD ABOVE 1124 TARGET 1129 1135 SL 1118
- SELL GOLD BELOW 1121 TARGET 1116 1110 SL 1127