INTERNATIONAL COMMODITY NEWS :
- Oil prices fell on Friday after Saudi Arabia dismissed the idea of an oil producer summit and as Gold- man Sachs (NYSE:GS) cut its crude forecasts.October Brent, the global oil benchmark, fell 65 cents to $48.24 a barrel by 0745 GMT after it settled up $1.31, or 2.8 percent, on Thursday.
- Gold prices gained mildly in Asia on Friday with weekend data in China in focus and next week’s Federal Reserve meeting on interest rates.China will release retail sales and industrial production figures at the weekend.
- Crude oil prices fell in Asia on Friday as investors looked ahead to weekend data from China on retail sales and industrial output and took gains from overnight.On the New York Mercantile Exchange, WTI crude for October delivery fell 0.65% to $45.62 a barrel.
ECONOMY NEWS :
- LONDON (Reuters) – Investors pulled another $19 billion from equity funds over the past week as they sought safety in government bond funds, which have enjoyed the longest run of inflows in four years, Bank of America/Merrill Lynch said on Friday.
- FRANKFURT (Reuters) – Economic growth in the euro zone is still too weak to create a sufficient number of jobs, European Central Bank Executive Board member Benoit Coeure told a French newspaper group EBRA on Friday. “Growth is still not strong enough to create a sufficient number of jobs,” Coeure told the group.
- The Chinese currency will remain under pressure as long as U.S. interest rates are set to rise, analysts said. U.S. market rates have already risen in anticipation the Federal Reserve will raise its policy rate by the end of this year for the first time since 2006.
TRADING STRATEGY :
- BUY GOLD ABOVE 1111 TARGET 1116 1122 SL 1105
- SELL GOLD BELOW 1108 TARGET 1103 1097 SL 1114