INTERNATIONAL COMMODITY NEWS :
• Gold prices gained in early Asia on Monday with the focus on a weak yen and signals from Beijing on measures to boost the economy. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,202.20 a troy ounce, up 0.32%. On Friday they settled at $1,197.70 a troy ounce. Markets in Japan are shut on Monday.
• U.S. natural gas futures rose to a near five-month high on Friday, before turning lower to end the session down 5% as weather forecasting models pointed to less frigid temperatures across the U.S. later this month. On the New York Mercantile Exchange, natural gas for delivery in December tumbled 22.3 cents, or 4.97%, on Friday to settle at $4.266 per million British thermal units by close of trade.
• A double shot of upbeat U.S. data and talk oil cartel OPEC may consider trimming output to shore up slumping prices sent crude futures rising on Thursday. In the New York Mercantile Exchange, West Texas Intermediatecrude oil futures for delivery in January traded up 0.85% at $75.13 a barrel during U.S. trading, up from a session low of $74.22 a barrel and off a high of $75.53 a barrel. The January contract settled down 0.19% at $74.50 a barrel on Wednesday.
• Copper futures edged lower on Thursday, in the wake of disappointing economic signals from China, where data showed manufacturing activity hit a six-month low in November. On the Comex division of the New York Mercantile Exchange, copper for December delivery declined 1.5 cents, or 0.48% to trade at $3.031 a pound during European morning hours. A day earlier, copper rallied 4.3 cents, or 1.43%, to settle at $3.045 a pound amid speculation policymakers around the world will have to introduce further stimulus measures to support the global economy and boost growth.
• Oil prices declined on Thursday, as concerns over the global economy mounted following the release of disappointing manufacturing data out of China and the euro zone. On the ICE Futures Exchange in London, Brent oil for January delivery shed 47 cents, or 0.6%, to trade at $77.64 a barrel. A day earlier, Brent declined 37 cents, or 0.47%, to settle at $78.10. London-traded Brent futures fell to a four- year low of $76.76 a barrel on November 14.
TRADING STRATEGY :
- SELL GOLD BELOW 1191 TARGET 1181 1176 SL 1201
- BUY GOLD ABOVE 1205 TARGET 1215 1230 SL 1195