INTERNATIONAL COMMODITY NEWS :
- Oil prices rose in holiday-thinned European trade on Monday, amid indications U.S. shale oil producers are cutting back on drilling activity. Crude oil for May delivery on the New York Mercantile Exchange tacked on 64 cents, or 1.62%, to trade at $40.10 a barrel.
- Gold futures extended losses from last week in holiday-thinned European trade on Monday, falling to a five-week low amid speculation the Federal Reserve could give serious consideration to a rate hike at its April meeting, boosting the U.S. dollar.
- Crude oil posted early gains in Asia with a key meeting on a proposal to freeze output by major producers looming next month. On the New York Mercantile Exchange, crude oil for delivery rose 0.81% to $39.77 a barrel. In the week ahead, oil traders will be focusing on U.S. stockpile data on Tuesday and Wednesday for fresh supply and -demand signals.
ECONOMY NEWS :
- Japan’s parliament is set to approve on Tuesday a record 96.72 trillion yen ($851.5 billion) state budget for fiscal 2016, paving the way for a fully-fledged debate on additional stimulus spending to spur the flagging economy.
- California Governor Jerry Brown announced a deal with legislative and labor leaders on Monday to raise the minimum wage to $15 an hour by 2023, saying the nation’s most-populous state would lead the way toward higher pay for the working poor.
- Former Brazilian President Luiz Inacio Lula da Silva urged a return to pro-growth economic policies like tax breaks and more consumer credit on Monday, doubling down on a strategy that has strained public accounts in recent years.
TRADING STRATEGY :
- BUY GOLD ABOVE 1219 TARGET 1224 1230 SL BELOW 1214
- SELL GOLD BELOW 1212 TARGET 1207 1201 SL ABOVE 1217