INTERNATIONAL COMMODITY NEWS :
• Crude oil futures rose on Friday, to trade near two-week highs amid growing concerns over fresh tensions in Ukraine and as U.S. manufacturing data released on Thursday continued to support. Oil prices strengthened after a Malaysian Airlines passenger jet crashed in eastern Ukraine. All 298 people on board were killed, sharply raising the stakes in a conflict between Kiev and pro-Moscow rebels in which Russia and the West back opposing sides.
• Brent oil futures for September delivery rose 0.8% to $107.89 a barrel on the ICE futures exchange Thursday before the crash. An early morning gain had come primarily from the August contract, which expired Wednesday at a settlement of $105.85, “rolling over” into the new front-month September contract which was trading higher.Investors were tracking news reports that a Malaysian Airlines plane crashed in Ukraine,with wire reports saying the aircraft had been shot down near the border with Russia, a major oil exporter.Oil prices shot up as investors awaited confirmation of the plane crash and its cause, as concerns began to build that the Russian-Ukraine conflict will escalate and disrupt the global flow of crude oil.Malaysia Airlines confirmed it lost contact with the plane, while wire reports quoting Ukraine officials said the plane was shot down, though a lack of confirmations on what happened kept many on the sidelines, which capped gains somewhat.
• Natural gas carried Thursday’s losses into Friday after data revealed that U.S. natural gas supplies rose more than expected last week. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $3.940 per million British thermal units during U.S. trading, down 0.37%. The commodity hit a session high of $3.976 and a low of $3.936. The August contract settled down 4.01% on Thursday to end at $3.954 per million British thermal units.Natural gas futures were likely to find support at $3.936 per million British thermal units, the session low, and resistance at $4.173, Monday’s high.
• On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,310.50 a troy ounce during U.S. trading, down 0.49%, up from a session low of $1,305.20 and off a high of $1,325.30. The August contract settled up 1.32% at $1,316.90 on Thursday.Futures were likely to find support at $1,292.60 a troy ounce, Tuesday’s low, and resistance at $1,325.90, Thursday’s high
TRADING STRATEGY :
GOLD-COMEX has closed @ 1310.14. If it breaks the level of 1304.29, it can touch the level of 1335 & 1329 respectively. If it sustain above the level of 1314, it can touch the level of 1320, 1328 respectively.
- SELL GOLD-COMEX BELOW 1304 TGTS 1297, 1285 SL 1314.
- BUY GOLD-COMEX ABOVE 1314 TGTS 1321, 1333 SL 1304.
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