INTERNATIONAL COMMODITY NEWS :
- Crude oil gained in Asia on Monday as investors saw the supply picture slightly tighter on U.S. rig count data last week. On the New York Mercantile Exchange, crude oil for delivery in November rose 0.22% to $45.64 a barrel. In the week ahead, investors will be focusing on Wednesday’s minutes of the Fed’s September meeting, when the central bank decided to delay hiking rates.
- Gold held flat to slightly weaker in Asia on Monday as investors took gains from last week and looked ahead to Federal Reserve September meeting minutes this week.Gold for December delivery fell 0.02% to $1,136.40 a troy ounce. Elsewhere in precious metals trading, silver futures for December delivery eased 0.35% to $15.210 a troy ounce and copper fell 0.07% to $2.343 a pound.
- U.S. crude futures for November delivery were last at $45.22 a barrel, up 1.07% for the day.On the ICE Futures Exchange in London, the November Brent contract were up 0.28% at $47.83 a barrel.Concerns over tensions in Syria grew stronger with the arrival of hundreds of Iranian troops in the country to join a ground offensive in support of government forces, a sign the civil war is turning still more regional and global in scope.
ECONOMY NEWS :
- Greece must implement its bailout program fast to achieve its main aim of regaining access to market financing and escaping international supervision, re-elected leftist Prime Minister Alexis Tsipras said on Saturday. Speaking to law makers of his Syriza party on the day a new parliament was sworn in, the premier said he aimed to complete the first review of a 86 billion euro bailout agreed in August as soon as possible so Athens could open negotiations with its euro zone partners on debt relief.
- Six Pacific trading partners are resisting a U.S. push to set rules that would protect patented next-generation medicines from competition from generic drugs for eight years and are insisting on a shorter period of five years as part of a sweeping trade pact, two sources close to the negotiations said on Friday.
- The United States is a long way from putting in place rules that will protect the financial system and economy from broad risks, due in part to regulatory structure and to the difficulties of predicting the next crisis, a top Federal Reserve official said on Saturday.
TRADING STRATEGY :
- BUY GOLD ABOVE 1140 TARGET 1145 1151 SL 1134
- SELL GOLD BELOW 1133 TARGET 1128 1122 SL 1139