INTERNATIONAL COMMODITY NEWS :
- Oil edged further above $46 a barrel on Tuesday, supported by the prospect of lower U.S. inventories and production although concern about weaker Asian demand kept prices in check.While analysts expect reports this week to show no change in U.S.
- Gold prices held steady in European morning hours on Tuesday, as markets were jittery ahead of the Federal Reserve’s policy statement this week amid growing uncertainty over a potential rate hike
- Crude oil gained in early Asia on Tuesday with investors focused on U.S. stockpile estimates from the American Petroleum Institute later in the day.
ECONOMY NEWS :
- On the New York Mercantile Exchange, WTI crude for October delivery rose 0.17% to $44.16 a barrel.A rise in market expectations for U.S. interest rates as the Federal Reserve starts to normalize policy could cut capital inflows to emerging markets by as much as 45 percent, World Bank economists said in a paper published on Tuesday.
- Savun Sim looked dejected as a large plastic vacuum hose sucked 2,600 pounds of wild Gulf of Mexico shrimp from his trawler’s ice hold.
- For the nation’s largest banks, it’s a $10 billion question: Will the U.S. Federal Reserve bump up interest rates in its upcoming meeting, or keep them scraping zero? If the Fed’s decision-makers opt to raise rates in the near term, it will be lucrative for banks’ central business of taking deposits and making loans.
TRADING STRATEGY :
- BUY GOLD ABOVE 1106 TARGET 1111 1117 SL 1101
- SELL GOLD BELOW 1102 TARGET 1097 1091 SL 1108