INTERNATIONAL COMMODITY NEWS :
• On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,284.20 a troy ounce during U.S. trading, down 0.98%, up from a session low of $1,282.10 and off a high of $1,298.60. The December contract settled down 0.28% at $1,296.90 on Wednesday.Futures were likely to find support at $1,258.00 a troy ounce, the low from June 17, and resistance at $1,314.60, Monday’s high.The Labor Department on Friday will release its July non farm payrolls report, and consensus forecasts see the U.S. economy picking up 233,000 new jobs.Even if the figure comes in below that number, a reading over 200,000 would represent six straight months of beating that threshold, a sign the labor market is improving even if it’s still a little slack.
• On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.885per million British thermal units during U.S. trading, up 2.60%. The commodity hit a session low of $3.761. and a high of $3.889. The September contract settled down 0.99% on Wednesday to end at $3.786 per million British thermal units.Natural gas futures were likely to find support at $3.725 per million British thermal units, Monday’s low, and resistance at $3.892, the high from July 24.The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 25 rose by 88 billion cubic feet, below expectations for an increase of 93 billion cubic feet.
• In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 2.28% at $97.99 a barrel during U.S. trading. New York-traded oil futures hit a session low of $97.96 a barrel and a high of $99.84 a barrel.The September contract settled down 0.69% at $100.27 a barrel on Wednesday Nymex oil futures were likely to find support at $97.37 a barrel, the low from March 17, and resistance at $102.10 a barrel, Monday’s high.OPEC countries pumped more oil in July than in June, according to Reuters data, which sent oil futures dropping on fears the world is awash in crude.
TRADING STRATEGY :
- BUY GOLD COMEX ABOVE 1290 TG 1296,1306 SL 1281
- SELL GOLD COMEX BELOW 1280 TG 1274,1264 SL 1290