INTERNATIONAL COMMODITY NEWS :
- Gold futures declined on Tuesday, as sentiment was boosted amid a global stock market rally, despite grim trade data from China that caused further volatility in Asian markets.
- Crude oil futures were mixed in choppy trade on Tuesday, as a refinery closure weighed on West Texas Intermediate prices while Brent edged higher, tracking strong gains in global equity markets.
- Copper futures rallied on Tuesday, as strong gains in China’s equity markets boosted sentiment.
- Oil prices remained weak on Tuesday as the global economic outlook darkened further and cooperation between oil producing countries to curb oversupply looked unlikely.
ECONOMY NEWS :
- German Finance Minister Wolfgang Schaeuble said on Tuesday that central bank policy could do little to help the economy when people and states take on too much debt.
- China’s imports tumbled in August, raising concerns about the health of the world’s second-largest economy and its contribution to global growth
- Greek banks’ bad loans, which peaked after capital controls were imposed in late June, have dipped to around 45 percent of their loan books and are likely to fall further, daily newspaper Kathimerini said on Tuesday, citing bankers’ estimates.
- Japan’s blue-chip Nikkei stock index closed down 2.5% on Tuesday, moving into negative territory for the year, as weak Chinese trade data underlined concerns about slowing demand for Japanese exports from China
TRADING STRATEGY :
- BUY GOLD ABOVE 1125 TARGET 1130 1136 SL 1119
- SELL GOLD BELOW 1122 TARGET 1117 1111 SL 1128