INTERNATIONAL COMMODITY NEWS :
- Gold prices slid lower on Friday, as investors awaited the highly-anticipated U.S. employment report due later in the day, but the precious metal remained close to Wednesday’s two-year peak as concerns over the global impact of the Brexit vote continued to dampen sentiment.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery declined 0.36% to $1,357.35.
- Oil prices rebounded on Friday, bouncing off two-month lows hit in the previous session when prices fell 5 percent on news that the U.S. weekly crude draw missed some forecasts.Traders said that the outlook looked volatile as a refined product glut and slowing economic growth weighed on markets while the risk of supply disruptions could tighten supplies.
- Silver futures were trading lower during noon trade in the domestic market on Friday as traders resorted to a cautious approach ahead of the much anticipated US payrolls data for the month of June set for release today which may dictate the timing of the US Federal Reserve’s next interest rate hike.
ECONOMY NEWS :
- The global economic situation is grim and major economies must lead the way in tackling problems including sluggish growth and weak trade, China’s trade minister Gao Hucheng said on Saturday. Gao made the remarks at the start of a two-day meeting of trade ministers from G20 economies in Shanghai, as uncertainty hangs over the outlook for a slow-growing global economy now beset by post-Brexit reverberations.
- U.S. President Barack Obama said on Saturday he expected Britain to go through with leaving the European Union after last month’s referendum and was concerned to limit the damage to the British, European and global economies from the move.As a friend, ally and trading partner of Britain and of the EU, he said Washington wanted to see an orderly negotiating process and as close a relationship as possible in future.
- As China’s medical bills rise steeply, outpacing government insurance provision, patients and their families are increasingly turning to loans to pay for healthcare, adding to the country’s growing burden of consumer debt.While public health insurance reaches nearly all of China’s 1.4 billion people, its coverage is basic, leaving patients liable for about half of total healthcare spending, with the proportion rising further for serious or chronic diseases such as cancer and diabetes.
TRADING STRATEGY :
- BUY GOLD ABOVE 1370 TARGET 1375 1381 SL BELOW 1365
- SELL GOLD BELOW 1360 TARGET 1355 1349 SL ABOVE 1365