INTERNATIONAL COMMODITY NEWS :
• Gold prices edged lower in U.S. trading on Tuesday after data revealed both consumer prices and existing home sales are on the rise in the U.S., which should prompt the Federal Reserve to do away with loose monetary policies that have supported the commodity for years.
• Natural gas carried Monday’s losses into Tuesday after updated weather forecasting models continued to call for below- normal temperatures to make their way across parts of the eastern half of the U.S. in the coming days On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $3.800 per million British thermal units during U.S. trading, down 1.29%. The commodity hit a session high of $3.862 and a low of $3.789. The August contract settled down 2.58% on Monday to end at $3.849 per million British thermal units. Natural gas futures were likely to find support at $3.741 per million British thermal units, the low from Nov. 26, 2013, and resistance at $3.893, Monday’s high.
• Crude futures edged lower on Tuesday on fears this week’s U.S. supply report will come in bearish, while uncertainty over the fate of Ukraine and Gaza in Israel allowing for choppy trading. n the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 0.41% at $102.44 a barrel during U.S. trading. New York-traded oil futures hit a session low of $102.14 a barrel and a high of $103.38 a barrel. The September contract settled up 0.89% at $102.86 a barrel on Monday.
• On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,306.70 a troy ounce during U.S. trading, down 0.55%, up from a session low of $1,302.60 and off a high of $1,315.80. The August contract settled up 0.34% at $1,313.90 on Monday. Futures were likely to find support at $1,292.60 a troy ounce, the low from July 15, and resistance at $1,319.00, Monday’s high.
• Nymex oil futures were likely to find support at $101.48 a barrel, Monday’s low, and resistance at $103.38 a barrel, the session high.Markets tracked events unfolding in Ukraine and in Gaza, with investors looking for fresh signs to indicate whether geopolitical tensions in will threaten Russian and Middle East oil exports, and the uncertainty allowed for choppy trading at times on Tuesday.
TRADING STRATEGY :
- SELL GOLD COMEX BELOW 1300 TG 1294 ,1284 SL 1308
- BUY GOLD-COMEX ABOVE 1303 TGTS 1309, 1319 SL 1294