INTERNATIONAL COMMODITY NEWS :
- Gold prices eased in Asia Monday with trade seen thing with markets in the U.S. and Canada shut for a holiday. Gold for December delivery on the Comex division of the New York Mercantile Exchange dropped 0.27% at $1,118.40 a troy ounce.
- Copper futures rose in choppy trade on Monday, as investors continued to monitor wild swings in China’s equity markets. Copper prices have been under heavy selling pressure in recent weeks as fears of a China-led global economic slowdown spooked traders and rattled sentiment.
- Oil futures extended losses from the prior session on Monday, as ongoing worries over the health of the global economy fueled concerns that a global supply glut may stick around for longer than anticipated.
ECONOMY NEWS :
- China on Monday revised its 2014 GDP growth figure to 7.3 percent from a previously reported 7.4 percent. The revision comes just a day after China’s Finance Minister Lou Jiwei said that the country’s overall GDP growth would remain at approximately 7 percent.
- Japanese Prime Minister Shinzo Abe looks set to win a rare second consecutive term but economists predict he won’t use that victory to push through bold reforms such as labor market changes that are considered vital for long-term growth.
- The combined assets of the world’s largest 300 pension funds grew more than 3 percent in 2014 to a new high of more than $15 trillion, driven by retirement saving in North America and Europe, a study showed on Monday.
TRADING STRATEGY :
- BUY GOLD ABOVE 1123 TARGET 1128 1134 SL 1117
- SELL GOLD BELOW 1118 TARGET 1113 1107 SL 1124