INTERNATIONAL COMMODITY NEWS :
• Gold prices rebounded mildly in Asia on Tuesday, but with a weak tone as investors eyed the dollar. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,236.10 a troy ounce, up 0.06%, after hitting an overnight session low of $1,223.60 and off a high of $1,238.00.Overnight, gold futures moved higher after a key Federal Reserve official suggested rate hikes in the U.S. may come later than once anticipated, which softened the dollar. Gold and the dollar tend to trade inversely with one another.
• Natural gas futures edged higher on Monday as updated weather-forecasting models called for a storm system to trek across the U.S. and bring cooling temperatures in its wake, which should drive demand for heating. On the New York Mercantile Exchange, natural gas futures for delivery in November were up 0.84% at $3.892 per million British thermal units during U.S. trading. The commodity hit a session low of $3.820, and a high of $3.899. The November contract settled up 0.36% on Friday to end at $3.859 per million British thermal units. Natural gas futures were likely to find support at $3.815 per million British thermal units, last Thursday’s low, and resistance at $4.184, the high from Oct. 1.
• U.S. stocks tumbled on Monday amid ongoing fears that a cooling global economy will water down U.S. third-quarter earnings. t the close of U.S. trading, the Dow 30 fell 1.35%, the S&P 500 index fell 1.65%, while the NASDAQ Composite index fell 1.46%. The Volatility S&P 500 index, which measures the outlook for market volatility, was up 16.01% at 24.64. Wall Street stocks took fresh beatings on Monday amid fears softening European and Asian economies could slow U.S. business concerns overseas.
• Crude futures fell on Monday on news OPEC may not move to shore up global oil prices by trimming output at its next meeting. n the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded down 0.33% at $85.54 a barrel during U.S. trading. New York-traded oil futures hit a session low of $84.09 a barrel and a high of $85.84 a barrel. The November contract settled up 0.06% at $85.82 a barrel on Friday. Nymex oil futures were likely to find support at $83.59 a barrel, Friday’s low, and resistance at $91.79 a barrel, the high from Oct. 3.OPEC will hold its next meeting on Nov. 27. Elsewhere, a weaker dollar supported prices.
TRADING STRATEGY :
- BUY GOLD ABOVE 1236 TGT 1240,1245 SL 1231
- SELL GOLD BELOW 1228 TGT 1224,1219 SL 1233