INTERNATIONAL COMMODITY NEWS :
- Gold futures edged lower in Europe trade on Wednesday, as investors looked ahead to testimony from Federal Reserve Chair Janet Yellen later in the day forfurther clarity on the pace of future interest rate hikes. Yellen is
scheduled to testify on the economy before the House Financial Services Committee at 15:00GMT, or 10:00AM ET, Wednesday.
- Natural Gas futures slid by more than 1 per cent in the domestic market on Tuesday as investors and speculators resorted to profit booking in the energy commodity at existing levels after prices surged by more than 4.5 percent in the previous session as forecasts for cold weather across parts of the US over the next two weeks bolstered the demand outlook for the heating fuel.
- West Texas Intermediate oil futures rebounded from the prior session’s steep decline in Europe trade on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a slower pace than expected last week.The U.S. Energy Information Administration will release its weekly report on oil supplies at 15:30GMT, or 10:30AM ET, amid expectations for a gain of 3.6 million barrels.
ECONOMY NEWS :
- British private sector employers plan to raise wages by 2.8 percent this year compared with 2.4 percent in 2015, a Bank of England survey showed on Wednesday, offering policymakers some assurance that wages will pick up in line with their forecasts.BoE Governor Mark Carney has said chunkier wage rises are one likely precondition for increasing interest rates. Growth in Britons’ average earnings reached 3 percent in mid-2015 but slowed later in the year.
- German companies feel business conditions have never been better and see exports improving after a weak spell, the DIHK Chambers of Commerce said on Wednesday, though it sounded a note of caution about the banking sector.The body’s optimistic note came in the face of weak industrial output and export data released on Tuesday that suggested Europe’s largest economy lost momentum at the end of last year and may struggle this year.
- Australian Trade Minister Andrew Robb, who led free trade agreements with Japan, South Korea and China, said on Wednesday he will resign amid growing expectations of a major cabinet reshuffle by Prime Minister Malcolm Turnbull. Turnbull, who has indicated he will make big changes within his cabinet before facing his first general election, called Robb Australia’s most successful trade minister, raising questions about why he had decided to call it a day.
TRADING STRATEGY :
- BUY GOLD ABOVE 1187 TARGET 1192 1197 SL 1181
- SELL GOLD BELOW 1181 TAGRET 1176 1170 SL 1187