INTERNATIONAL COMMODITY NEWS :
- Copper futures fell to a three-week low on Thursday, as concerns over the health of China’s economy dampened appetite for the red metal.Copper for December delivery on the Comex division of the New York Mercantile Exchange inched hit an intraday low of $2.294 a pound, a level not seen since September 2, before trading at $2.302 during morning hours in London, up 0.6 cents, or 0.28%.
- Gold futures edged higher early Thursday, as investors looked ahead to a speech by Federal Reserve Chair Janet Yellen scheduled later in the day for additional clarity on the bank’s decision last week to leave interest rates on hold. Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up $3.70, or 0.33%, to trade at $1,135.20 a troy ounce during European morning hours.
- Crude oil prices gained in Asia on Thursday as investors took advantage of an overnight dip.On the New York Mercantile Exchange, WTI crude for November delivery traded up 0.67% to $44.77 a barrel.Overnight, U.S. crude futures reversed territory on Wednesday afternoon, falling by nearly 4%, as a considerable build in gasoline inventories offset a second consecutive weekly draw in crude stockpiles.
ECONOMY NEWS :
- In addressing the public for the first time since the Federal Open Market Committee held its benchmark Federal Funds Rate at its current near-zero level last week, Janet Yellen said she anticipates that it will be appropriate to raise short-term interest rates by the end of the year.
- Lockheed Martin (NYSE:LMT) said on Thursday that U.S. officials have approved its $9 billion takeover of Black Hawk helicopter maker Sikorsky Aircraft from United Technologies (NYSE:UTX).In a filing with the U.S. Securities and Exchange Commission, the company said authorities in Japan and South Korea had also approved the deal, but it was waiting for other regulatory approvals.The number of people who filed for unemployment assistance in the U.S. ticked higher last week, but remainied in territory consistent with a strengthening labor market.
- Initial claims for state unemployment benefits rose by 3,000 to a seasonally adjusted 267,000 for the week ended September 19, the Labor Department said on Thursday. Analysts had expected jobless claims to rise by 7,000.t was the 29th straight week that claims remained below the 300,000 threshold, which is usually associated with a strengthening labor market .
TRADING STRATEGY :
- BUY GOLD ABOVE 1147 TARGET 1152 1158 SL 1141
- SELL GOLD BELOW 1140 TARGET 1135 1129 SL 1146