INTERNATIONAL COMMODITY NEWS :
- Natural Gas futures extended a slide during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after weather forecasts continued to point to warmer than average weather across parts of the US threatening to curb the demand for the heating fuel in the world’s biggest fuel consuming nation.
- Silver futures were trading with slim losses during noon trade in the domestic market on Wednesday as investors and speculators shied away from booking fresh positions in the precious metal after a top US Federal Reserve official signaled that it was unclear whether the recent downturn in global financial markets may have a significant impact on the US economy raising speculation that the Fed’s course of tightening interest gradually may not be much affected dimming the lure for the precious metal as a store of value.
- Gold futures pushed higher in Europe trade on Wednesday, as market players awaited comments from a barrage of Federal Reserve officials later in the session for further clues on the path of future rate hikes.Gold for April delivery on the Comex division of the New York Mercantile Exchange tacked on $4.60, or 0.38%, to trade at $1,227.20 a troy ounce by 09:15GMT, or 4:15AM ET.
ECONOMY NEWS :
- Australia appointed its first agricultural advisor to its competition regulator on Wednesday as the country seeks to protect farmers who have long complained that profits are squeezed by the country’s dominant supermarkets and processors.Supporting farmers is seen as critical to Australia’s goal of becoming the “delicatessen of Asia” by capitalising on strong Asian demand for high -end produce that has seen the value of the country’s agricultural exports rise to about A$45 billion ($32 billion) last year.
- Hong Kong rolled out a multi-billion dollar package of sweeteners to bolster its economy on Wednesday, as a slowdown in China and rising political tensions deepen its economic woes.In unusually blunt comments for a budget address, Financial Secretary John Tsang said “political volatility” was threatening to undermine the economy and warned disputes would intensify ahead of legislative elections this year, pitting the city’s democratic opposition against pro-Beijing and pro-establishment political parties. He said the conflicts must be resolved.
- The “in” camp is ahead by a 12-point lead ahead of a referendum on whether Britain should stay in or withdraw from the European Union, but the gap has narrowed, according to the latest opinion poll.Support for staying in stood at 51 percent, while 39 percent wanted a so-called “Brexit” and 10 percent were undecided, according to the ComRes poll for the Daily Mail.
TRADING STRATEGY :
- BUY GOLD ABOVE 1230 TARGET 1235 1241 SL 1224
- SELL GOLD BELOW 1122 TAGRET 1117 1111 SL 1128