INTERNATIONAL COMMODITY NEWS :
• Gold prices eased in Asia on Thursday led by profit-taking after gains overnight on bearish U.S> retail sales data. On the Comex division of the New York Mercantile Exchange,gold futures for December delivery traded at $1,313.00 a troy ounce,down 0.11%, after hitting an overnight session low of $1,306.10 and off a high of $1,316.20. Overnight, gold prices spiked after U.S. retail sales figures disappointed markets, which reminded investors the Federal Reserve won’t rush to tighten monetary policy. Core retail sales, which exclude auto sales, rose just 0.1% in July, below expectations for a 0.4% gain.
• Crude prices fell in Asia on Thursday, continuing overnight declines on a bearish U.S. stocks report and a lack of fresh geopolitical drivers. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded at $97.40 a barrel, down 0.20%, after hitting an overnight session low of $96.76 a barrel and a high of $97.64 a barrel.The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 1.4 million barrels in the week ended Aug. 8, confounding expectations for a decline of 2.0 million barrels.
• Brent oil futures tumbled to a 13-month low on Wednesday, as global supplies were seen as ample despite ongoing violence in Ukraine and the Middle East. On the ICE Futures Exchange in London, Brent oil for September delivery fell 0.36%, or 37 cents, to trade at $102.65 a barrel during European morning hours. The September Brent contract hit a session low of $102.37 earlier, the weakest level since July 1, 2013.
• Copper futures fell to a seven-week low on Wednesday, after disappointing Chinese economic data fuelled concerns over the health of the world’s second largest economy. On the Comex division of the New York Mercantile Exchange, copper for September delivery declined 0.51%, or 1.6 cents, to trade at $3.139 a pound during European morning hours. Prices fell to a session low of $3.134 a pound earlier, the weakest level since June 25. A day earlier, copper futures lost 0.63%, or 2.0 cents, to settle at $3.154 a pound.
TRADING STRATEGY :
- BUY GOLD ABOVE 1318 TG 1326,1336 SL 1308
- SELL GOLD BELOW 1308 TG 1302,1292 SL 1318