INTERNATIONAL COMMODITY NEWS :
- Gold futures traded near the highest level in nearly three weeks on Monday, as the Federal Reserve’s decision not to hike interest rates boosted demand for the precious metal.Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up $1.10, or 0.1%, to trade at $1,138.90 a troy ounce during European morning hours.
- Copper futures edged higher on Monday, as investors turned their attention to an index of manufacturing activity from China due later in the week for a fresh indication on the strength of the global economy.
- Oil rose by more than 1 percent on Monday after data showed U.S. drilling slowed and a report said $1.5 trillion worth of planned production was uneconomic at current prices.Crude has halved in value over the last year as soaring global production overwhelmed slowing demand and the much lower prices have now begun to hit drilling, particularly in the United States.
ECONOMY NEWS :
- Greece’s Alexis Tsipras said his left-wing Syriza party now has a “clear mandate” after a winning a sweeping re-election victory on Sunday, for the second time in less than nine months. The previous Syriza-led coalition government was elected in January on an anti-austerity mandate, but was forced to accept tough conditions for Greece’s third international bailout.
- The former owner of a peanut company in Georgia was sentenced to 28 years in prison on Monday for his role in a salmonella outbreak that killed nine people and sickened hundreds, a rare instance of jail time in a food contamination case.
- The U.S. business lobby expressed disappointment on Monday at the pace of negotiations on a bilateral investment treaty with China and said it was important that President Xi Jinping address the growing concerns of U.S. firms when he visits the United States this week.
TRADING STRATEGY :
- BUY GOLD ABOVE 1136 TARGET 1141 1147 SL 1130
- SELL GOLD BELOW 1130 TARGET 1125 1119 SL 1136