INTERNATIONAL COMMODITY NEWS :
• Gold prices rose in early Asia on Wednesday with investors focused on U.S. demand ahead of the start of the busy Christmas shopping season this week. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,201.40 a troy ounce, up 0.07%, after hitting an overnight session low of $1,190.60 and off a high of $1,203.00.Overnight, gold prices posted cautious gains in U.S. trading on Tuesday after a soft report on U.S. consumer confidence weakened the dollar, though a robust economic growth report capped the precious metal’s gains.
• Oil prices dipped in early Asia on Wednesday despite U.S. industry data that showed a solid drop in crude stocks last week. On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in January traded at $73.82 a barrel, down 0.03%, after hitting an overnight session low of $74.29 a barrel and off a high of $76.57 a barrel.
• Natural gas futures rose on Tuesday after investors viewed futures as oversold in wake of forecasts calling for mild temperatures across much of the U.S. On the New York Mercantile Exchange, natural gas futures for delivery in January were up 1.22% at $4.357 per million British thermal units during U.S. trading. The commodity hit a session low of $4.229, and a high of $4.360.The January contract settled down 2.56% on Monday to end at $4.304 per million British thermal units.
• Crude futures dropped on Tuesday after a widely-watched gauge of U.S. consumer confidence disappointed investors and stoked concerns over the strength of the country’s recovery and how much fuel and energy it will consume going forward. Concerns OPEC may do little to combat a global supply glut exacerbated losses. In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in January traded down 1.90% at $74.34 a barrel during U.S. trading, up from a session low of $74.29 a barrel and off a high of $76.57 a barrel.
• Copper futures edged higher on Tuesday, as market players looked ahead to the release of revised U.S. third quarter growth data due later in the session. On the Comex division of the New York Mercantile Exchange, copper for March delivery picked up 1.1 cents, or 0.36% to trade at $3.017 a pound during European morning hours. A day earlier, copper prices lost 2.3 cents, or 0.76%, to settle at $3.006 A POUND. Futures were likely to find support at $2.991, the low from November 20, and resistance at $3.045,
TRADING STRATEGY :
- SELL GOLD BELOW 1191 TARGET 1181 1171 SL 1201
- BUY GOLD ABOVE 1205 TARGET 1215 1225 SL 1195