INTERNATIONAL COMMODITY NEWS :
- Silver futures were trading unchanged in the domestic market during noon trade on Friday as investors and speculators shied away from booking fresh positions in the precious metal amidst a tepid global trend even as a weaker dollar supported the lure for the bullion as an alternative asset.Caution ahead of January US consumer inflation data which may offer some cues over the pace of US monetary tightening also weighed on sentiment.
- Natural Gas futures fell over 3 per cent in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as warmer than average temperatures across parts of the US curbed the demand for the heating fuel in the world’s biggest gas consuming nation overshadowing a big storage withdrawal.
- Gold was little changed in European morning hours on Friday, but it still remained supported as concerns over declining oil prices persisted and as investors remained cautious ahead of U.S. inflation data due later in the day. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 0.20% at $1,223.90.
ECONOMY NEWS :
- National Australia Bank NAB.AX said on Friday that chief financial officer Craig Drummond has resigned after just about 2-1/2 years in the role.NAB has promoted Gary Lennon, executive general manager finance, as new chief financial officer to replace Drummond who played a key role in helping NAB exit its underperforming and low returning assets in the U.S. and the UK while also leading a A$5.5 billion capital raising last year.
- Bank of England policymaker Martin Weale has said he would be surprised if Britain’s central bank took as long to hike interest rates as markets expect.Weale’s comments, in a newspaper interview published on Friday, add to signs of unease among BoE policymakers about markets pricing in an interest rate hike only by mid-2019, a view described as unwarranted by Deputy Governor Jon Cunliffe a day earlier.
- Britain recorded the largest public finances surplus for any January since 2008, while retail sales growth surged at a much faster rate than expected, according to official figures published on Friday. The Office for National Statistics said the January surplus, excluding banks, rose to 11.210 billion pounds from 10.217 billion pounds a year earlier. Still, the surplus was some way short of 12.65 billion pound forecast in a Reuters poll.
TRADING STRATEGY :
- BUY GOLD ABOVE 1225 TARGET 1245 12275SL 1195
- SELL GOLD BELOW 1220 TAGRET 1200 1170 SL 1250