INTERNATIONAL COMMODITY NEWS :
- Gold prices slid lower on Friday, as a stronger U.S. dollar weighed but the precious metal still remained within close distance of a three-week highs amid lower expectations for a summer U.S. rate hike. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery declined 0.34% to $1,268.25.
- Oil prices fell on Friday, as a stronger dollar pulled crude off the 2016 highs hit this week, although strong refinery demand and global supply disruptions lent some support.International Brent crude oil futures were trading at $51.59 per barrel at 0537 GMT, down 36 cents from their last settlement. U.S. West Texas Intermediate (WTI) futures were down 38 cents at $50.18 a barrel.
- Copper futures closed lower in the domestic market on Thursday as dollar strengthened after U.S. data revived expectations of an imminent Fed rate rise while higher inventories reinforced negative sentiment.The dollar was bolstered by an unexpected drop in domestic jobless claims last week calming some worries about U.S. economic growth decelerating in the second quarter.
ECONOMY NEWS :
- Growth in China’s fixed-asset investment and retail sales cooled unexpectedly in May, but factory output growth was steady, doing little to clear up uncertainty over prospects for the world’s second-largest economy. Factory output grew 6 percent in May from a year earlier, the National Bureau of Statistics (NBS) said on Monday. Economists polled by Reuters had expected growth to ease slightly to 5.9 percent from 6 percent in April.
- Foreign investors are bailing out of Japanese stocks as a wobbly economy feeds disillusionment about ‘Abenomics’, sparking bouts of volatility in a market increasingly shaken up by policy decisions of the Bank of Japan. The trouble is that long-term focused foreign funds have turned bearish on doubts that Tokyo can pull Japan out of two decades of economic stagnation, despite more than three years of massive monetary and fiscal stimulus.
- New York state regulators have asked Goldman Sachs Group Inc (N:GS) for details about probes into billions of dollars it raised in a bond offering for a scandal-hit Malaysian fund, a person familiar with the matter said on Friday. The New York State Department of Financial Services, in a letter sent late Thursday, asked Goldman for a report on its in-house investigation into the matter, as well as others by U.S. and foreign regulators, said the person, who was not authorized to publicly discuss the matter.
TRADING STRATEGY :
- BUY GOLD AROUND 1240 TARGET 1245 1250 SL 1236
- SELL GOLD AROUND 1250-1251 TARGET 1246 1240 SL 1253