INTERNATIONAL COMMODITY NEWS :
• Gold prices eased in Asia on Tuesday, continuing a weak trend as expectations grow for a rate hike by the Federal Reserve next year. On the Comex division of the New York Mercantile Exchange, Gold for December delivery traded at $1,206.70, down 0.10%. Overnight, gold futures inched higher, but held below the key $1,200-level as upbeat U.S. employment data underlined optimism over the strength of the economy and fueled expectations that the Federal Reserve will begin to raise rates sooner than previously thought.
• Brent oil futures fell to a 27-month low during U.S. morning trade on Monday, amid ongoing speculation rising global supplies will be more than enough to meet slowing demand. On the ICE Futures Exchange in London, Brent oil for November delivery hit a session low of $91.27 a barrel, a level not seen since June 2012.Prices recovered to last trade at $91.44 during U.S. morning hours, down 88 cents, or 0.95%, from Friday’s closing price of $92.31.
• U.S. natural gas futures gave back all of the previous session’s strong gains during U.S. morning trade on Monday, as market players positioned themselves for a bearish weekly storage report later in the week. On the New York Mercantile Exchange, natural gas for delivery in November traded at $3.921 per million British thermal units during U.S. morning hours, down 11.8 cents, or 2.92%. Natural gas prices hit a session low of $3.900 earlier in the day, a level not seen since September 25.U.S. gas futures surged 10.7 cents, or 2.72%, on Friday to settle at $4.039 as market players wagered that cold weather across the U.S. will boost demand for heating.
• Copper futures edged higher during European morning trade on Monday, as the greenback took a breather from its recent rally against a basket of other major currencies sparked by upbeat U.S. employment data. On the Comex division of the New York Mercantile Exchange, copper for December delivery traded at $3.015 a pound during European morning hours, up 1.6 cents, or 0.54%, from a closing price of $2.998 on Friday.Futures were likely to find support at $2.985, the low from October 2, and resistance at $3.039, the high from October 2.
• Crude oil futures edged higher during European morning trade on Monday, but gains were limit amid speculation rising global supplies will be more than enough to meet slowing demand.
TRADING STRATEGY :
- BUY GOLD ABOVE 1208 TGT 1212,1217 SL 1203
- SELL GOLD BELOW 1203 TGT 1199,1193 SL 1208