INTERNATIONAL COMMODITY NEWS :
- Crude oil fell in Asia on Monday as investors noted mixed economic data out of China that showed slightly better GDP growth figures than expected. On the New York Mercantile Exchange, crude oil for delivery in November fell 0.17% to $47.64 a barrel.
- Gold prices fell in Asia on Monday after mixed economic data from China showed lower than expected industrial output, but higher than expected GDP gains. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.68% at $1,175.10 a troy ounce.
- Oil and Natural Gas Corporation (ONGC) has sought premium gas pricing for an undeveloped deep-sea block in the KG basin, where it plans to invest $6 billion, as top executives are anxious about the viability of the project at the current oil and gas prices.
ECONOMY NEWS :
- Reserve Bank of India Governor Raghuram Rajan on Monday called for stronger multilateral agencies that can steer global coordination in tackling economic and monetary policy issues, adding emerging markets needed to be part of that debate.
- A sharper-than-expected slowdown in China’s economy is likely to have broad-based negative implications for global and regional issuers, Fitch Ratings says in its latest edition of the APAC Risk Radar In an alternative scenario to Fitch’s base case, a more severe and abrupt decline in China’s growth rate would dramatically increase the likelihood of liquidity disruptions and market volatility.
TRADING STRATEGY :
- BUY GOLD ABOVE 1178 TARGET 1183 1189 SL 1172
- SELL GOLD BELOW 1170 TARGET 1165 1159 SL 1176