INTERNATIONAL COMMODITY NEWS :
- Gold futures held near the prior session’s three-month peak in Europe trade on Thursday, after the Federal Reserve failed to offer clues on the timing of future rate hikes in its policy statement.As expected, the Fed kept interest rates unchanged at the conclusion of its policy meeting on Wednesday and said it was “closely monitoring” global economic and financial developments.
- Oil prices struggled for direction in Europe trade on Thursday, amid doubts over the likelihood of a deal between Russia and OPEC producers to cut output happening anytime soon.Oil rallied on Wednesday as top OPEC and Russian oil industry officials stepped up vague talk of possible joint action to cut production and alleviate a global supply glut.
- Natural Gas futures surged by more than 1.5 per cent in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for colder temperatures across parts of the US in the next two weeks bolstered the demand outlook for the heating fuel in the world’s biggest economy. Updated weather forecasting models called for cooler weather in the US through the middle of February boosting demand for gas-fired heating at offices and homes.
ECONOMY NEWS :
- Japanese Economy Minister Akira Amari said on Thursday he was resigning to take responsibility for a political funding scandal that has rocked the government, but denied having taken bribes.In a packed news conference televised live, Amari acknowledged taking money from a construction company executive but said he told his aides to correctly record them as a political donation.
- France and Iran hailed a set of business tie-ups and export deals on Thursday including the sale of dozens of Airbus planes and a car factory revamp that re-ignites a decades-old relationship between Tehran and car maker Peugeot. The deals, some of which were not yet finalised, were announced at a Franco-Iranian business forum attended by Iranian President Hassan Rouhani and a host of ministers and business leaders.
- The British and Scottish governments announced a 250 million pound deal on Thursday to support the city of Aberdeen, hit hard by job losses in an oil sector ravaged by steep declines in the price of crude.The Aberdeen UK City Deal will help fund an expansion of Aberdeen harbour, necessary to allow local companies to bid for work in the oil and gas decommissioning sector, estimated to be worth 45 billion pounds by 2040.
TRADING STRATEGY :
- BUY GOLD ABOVE 1120 TARGET 1125 1131 SL 1114
- SELL GOLD BELOW 1115 TARGET 1110 11104 SL 1121