INTERNATIONAL COMMODITY NEWS :
• Gold prices held nearly steady in Asia on Friday as investors weighed the prospects for a Federal Reserve rate hike in the coming year. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,224.40a troy ounce, down 0.02%, after hitting an overnight session low of $1,219.40 and off a high of $1,233.70. Gold prices firmed on the news, as the yellow metal has taken a pounding in recent sessions on speculation that interest rates were to set to rise sooner rather than later in 2015.
• Natural gas prices edged lower on Thursday after weather-forecasting models called for seasonably mild temperatures to hold across much of the U.S., which should curb demand for both air conditioning and heating. On the New York Mercantile Exchange, natural gas futures for delivery in November were down 0.56% at $3.834 per million British thermal units during U.S. trading. The commodity hit a session low of $3.816, and a high of $3.940. The November contract settled down 2.58% on Wednesday to end at $3.855 per million British thermal units. Natural gas futures were likely to find support at $3.786 per million British thermal units, the low from Sept. 12, and resistance at $4.184, the high from Oct. 1.
• Crude oil prices eased in early Asia on Friday as investors awaited fresh cues on demand prospects. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $84.69 a barrel, down 0.08%, after hitting an overnight session low of $86.25 a barrel and a high of $87.94 a barrel. Overnight, better-than-expected weekly U.S. claims numbers weakened oil prices on Thursday by strengthening the dollar. The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 4 fell by 1,000 to 287,000 from the previous week’s revised total of 288,000.
• Copper futures edged lower during European morning trade on Wednesday, as worries about the strength of global growth drove down prices. On the Comex division of the New York Mercantile Exchange, copper for December delivery traded at $3.025 a pound during European morning hours, down 1.4 cents, or 0.45%. A day earlier, copper prices tacked on 0.3 cents, or 0.12%, to settle at $3.039. Futures were likely to find support at $2.991, the low from October 6, and resistance at $3.049, the high from October 1.
TRADING STRATEGY :
- BUY GOLD ABOVE 1225 TGT 1229,1235 SL 1220
- SELL GOLD BELOW 1217 TGT 1213,1208 SL 1222