INTERNATIONAL COMMODITY NEWS :
Gold prices rose slightly in early Asia on Tuesday with China markets set to re-open on Wednesday and Greece still to turn over its list of reforms needed to secure further euro zone loans. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.14% to trade at $1,203.10. Overnight, Gold futures turned higher on Monday to reclaim the key $1,200-level, after data showed that U.S. existing home sales fell more than expected in January to hit the lowest level in nine months, dampening optimism over the health of the housing market. The National Association of Realtors said earlier that existing home sales decreased 4.9% to 4.82 million units last month from 5.07 million in December. Analysts had expected existing home sales to fall 0.8% to 4.97 million units in January.
TRADING STRATEGY :
BUY GOLD ABOVE 1205 TARGET 1210 1216 SL 1199
SELL GOLD BELOW 1197.50 TARGET 1192.50 1186.50 SL 1203.50
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INTERNATIONAL COMMODITY NEWS :
Oil prices dipped in early Asian trade on Monday after much of the region returned from the Lunar New Year holiday, with Brent futures testing support around $60 a barrel and U.S. contracts hovering around $50.50.Following a steep fall from June 2014 to six-year lows, oil prices have recovered around a third of their value since mid-January, with benchmark Brent contracts jumping almost $20 a barrel to $63 a barrel last week as traders closed long-standing short positions in reaction to a falling U.S. rig count.”U.S. crude oil prices slipped, as markets finally digested another rise in U.S. crude inventories, which offset another week of oil rig count declines,” ANZ bank said on Monday. Benchmark Brent crude futures were trading at $60.07. at 0100 GMT, down 10 cents from their last settlement, while U.S. WTI crude was down 20 cents at $50.61 a barrel. Although both U.S. WTI and international Brent prices dipped in the past week, American contracts have fallen more sharply largely in response to the record inventories.
TRADING STRATEGY :
BUY GOLD ABOVE 1205 TARGET 1210 1216 SL 1199
SELL GOLD BELOW 1197 TARGET 1192 1186 SL 1203
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INTERNATIONAL COMMODITY NEWS :
Gold remained in positive territory on Thursday, as concerns over Greece’s debt woes intensified after Germany rejected a proposed bailout extension request from the Athens. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rallied $15.20, or 1.27%, to trade at $1,215.40 a troy ounce during U.S. morning hours after hitting a session high of $1,222.90. A day earlier, gold fell to $1,197.20, the lowest level since January 5, before settling at $1,200.20, down $8.40, or 0.7%. The Greek government submitted a request for an extension of its existing loan agreement with the euro zone, which it differentiates from its bailout, earlier Thursday. But German Finance Minister Wolfgang Schaeuble said it was “not a substantial proposal for a solution” and did not meet the criteria agreed on at the euro group meeting of euro zone finance ministers on Monday. Greece’s current €240 billion bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone.
TRADING STRATEGY :
BUY GOLD ABOVE 1210 TARGET 1218 SL 1202
SELL GOLD BELOW 1202 TARGET 1195 SL 1210
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Crude oil prices fell in early Asia on Wednesday in holiday-thinned trade for the Lunar New Year and as closely watched data on U.S. supplies may be further delayed. On the New York Mercantile Exchange, crude oil for delivery in April fell 0.20% to trade at $53.87 a barrel. A snow storm closed U.S. Federal government offices in Washington on Tuesday. That may further delay data from industry group, the American Petroleum Institute, on U.S. supplies of crude and refined products that is normally released on Tuesday. As well, more closely watched data from the U.S. Department of Energy has also been delayed from its normal Wednesday release. Industry research group Baker Hughes (NYSE:BHI) said that the number of rigs drilling for oil in the U.S. fell by 84 last week to 1,056, the lowest since August 2011.
TRADING STRATEGY :
BUY GOLD ABOVE 1210 TARGET 1215 1221 SL 1204
SELL GOLD BELOW 1203 TARGET 1198 1192 SL 1209
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INTERNATIONAL COMMODITY NEWS :
Crude oil prices eassed Tuesday in Asia ahead of U.S. supply data later in the week and as investors eyed talks between Greece and euro zone finance ministers that broke down overnight when Athens rejected a proposal to request a six-month extension of its international bailout as “unacceptable”.The unexpectedly rapid collapse raised doubts about Greece’s future in the single currency area after a new leftist-led government vowed to scrap the 240 billion euro bailout, reverse austerity policies and end cooperation with EU/IMF inspectors. Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone. Greece’s Finance Minister Yiannis Viviparous said Monday that he was ready to sign a document drafted by the European Commission, which outlined a deal between Greece and its partners However, Varoufakis said, Eurogroup President Jeroen Dijsselbloem presented him with another document, which referred to past policies and was vague in key issues such as “flexibility”, which he could not accept.
TRADING STRATEGY :
BUY GOLD ABOVE 1231 TARGET 1236 1242 SL 1225
SELL GOLD BELOW 1223 TARGET 1218 1212 SL 1229
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INTERNATIONAL COMMODITY NEWS :
Crude oil prices gained in early Asia on Monday as investors eyed a shaky cease fire in Ukraine. On the New York Mercantile Exchange, crude oil for delivery in March gained 0.56% at $53.97 a barrel. Crude oil futures rallied sharply on Friday, with prices continuing to recover from recent lows amid speculation productions cuts by drillers in the U.S and global oil companies will alleviate a glut in supplies. Industry research group Baker Hughes said Friday that the number of rigs drilling for oil in the U.S. fell by another 84 in the past week to 1,056, the lowest since August 2011.
TRADING STRATEGY :
BUY GOLD ABOVE 1235 TARGET 1240 1246 SL 1229
SELL GOLD BELOW 1226 TARGET 1221 1215 SL 1232
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INTERNATIONAL COMMODITY NEWS :
Gold prices gained in Asia on Friday as investors eyed demand from the upcoming Chinese New Year holidays next week. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.25% to trade at $1,223.80 a troy ounce. Overnight, gold extended gains on Thursday, after weaker than expected U.S. retail sales and jobless claims data dampened optimism over the strength of the economic recovery. The U.S. Commerce Department said that retail sales declined by 0.8% last month, worse than expectations for a drop of 0.5%.
TRADING STRATEGY :
BUY GOLD ABOVE 1228.25 TARGET 1233.25 1239.25 SL 1222.25
SELL GOLD BELOW 1218 TARGET 1213 1207 SL 1224
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INTERNATIONAL COMMODITY NEWS :
Gold prices eased in early Asia on Thursday with events surrounding Greece in sharper focus and the implications for euro zone stability. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery eased 0.08% to trade at $1,219.90 a troy ounce.Prices were supported amid speculation of further monetary easing from the People’s Bank of China following Tuesday’s lower-than-expected inflation data. Investors were also looking at a bump from seasonal physical gold demand ahead of the Chinese New Year holiday and any stockpiling of copper ahead of a week-long break.Overnight, gold inched up modestly in cautious trade on Wednesday, as Greece’s Finance Minister Yanis Varoufakis was to meet with other finance ministers of the euro zone later in the day to discuss a solution to Greece’s bailout program.
TRADING STRATEGY :
BUY GOLD ABOVE 1224 TARGET 1229 1235 SL 1218
SELL GOLD BELOW 1216 TARGET 1211 1205 SL 1222
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INTERNATIONAL COMMODITY NEWS :
Gold prices held mostly flat on Wednesday in Asia with Greece firmly in focus and China data ahead.Greece’s Parliament approved the government’s economic plan in a vote late Tuesday that sets up a showdown with country’s international creditors beginning this week in Brussels.With 162 ‘yes’ votes against 137 ‘nos’ with one absentee lawmaker, Prime Minister Alexis Tsipras earned approval for a plan that rolls back many of the austerity measures agreed by the former government of Antonis Samaras.
TRADING STRATEGY :
BUY GOLD ABOVE 1240 TARGET 1245 1251 SL 1234
SELL GOLD BELOW 1228 TARGET 1223 1217 SL 1234
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INTERNATIONAL COMMODITY NEWS :
Crude oil prices fell on Tuesday in Asia after weak Chinese price data even after speculation that there is a stronger case for further monetary easing by Beijing.On the New York Mercantile Exchange, crude oil for delivery in March fell 0.98% to $52.34 a barrel. Later Tuesday, the American Petroleum Institute will release data on U.S. crude and product inventories last week as a sign post to more closely watched figures from the U.S. Department of Energy due Wednesday. China’s January CPI rose 0.8%, below the 1.0% expected year-on-year, while PPI data eased 4.3%, compared to a fall of 3.8% year-on-year expected, the steepest drop since October 2009.
TRADING STRATEGY :
BUY GOLD ABOVE 1246 TAREGT 1251 1257 SL 1240
SELL GOLD BELOW 1237 TARGET 1232 1226 SL 1243
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INTERNATIONAL COMMODITY NEWS :
Oil prices steadied on Monday as falling U.S. oil rig counts and conflict in producer Libya were balanced by a slump in Chinese imports, pointing to lower fuel demand in the world biggest energy consumer.”Weak China trade data are likely to weigh on industrial commodity markets,” ANZ Bank analysts said in a note to clients.Global benchmark Brent crude oil for March was up 30 cents at $58.10 a barrel by 0140 GMT after rising as high as $59.06 earlier in the session.Oil prices steadied on Monday as falling U.S. oil rig counts and conflict in producer Libya were balanced by a slump in Chinese imports, pointing to lower fuel demand in the world biggest energy consumer.
TRADING STRATEGY :
BUY GOLD ABOVE 1240 TARGET 1245 1251 SL 1234
SELL GOLD BELOW 1228 TARGET 1223 1217 SL 1234
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INTERNATIONAL COMMODITY NEWS :
Crude oil prices carried gains into Asia on Friday with U.S. jobs data in focus as well as the latest developments as Greece tries to reach new terms with reluctant creditors.Traders now looked ahead to the release of the latest U.S. nonfarm payrolls report on Friday, for further indications on the strength of the recovery in the labor market.Market analysts expect the data to show that the U.S. economy added 234,000 jobs in January, slowing from a gain of 252,000 in December, while the unemployment rate was forecast to hold steady at 5.6%. On the New York Mercantile Exchange, crude oil for delivery in March rose 1.39% to $51.39 a barrel. Overnight, crude oil futures rallied sharply on Thursday, one day after plunging almost 9%, as investors returned to the market to seek cheap valuations.
TRADING STRATEGY :
BUY GOLD ABOVE 1268.25 TARGET 1273.25 1279.25 SL 1262.25
SELL GOLD BELOW 1261.5 TARGET 1256.5 1250.5 SL 1267.5
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INTERNATIONAL COMMODITY NEWS :
Gold prices gained in Asia on Wednesday as investors focused on Chinese New Year demand and continued a buying trend seen overnight in the U.S. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.13% to trade at $1,261.90 a troy ounce. Overnight, gold edged higher on Tuesday, as market players looked ahead to the release of key U.S. data later in the week for further indications on the strength of the economy and the future path of monetary policy. Optimism over the health of the U.S. economy weakened after data on Monday showed that U.S. consumer spending fell at the fastest rate since September 2009 in December. Separate reports showed that U.S. construction spending rose less than expected in December, while manufacturing growth slowed. The disappointing numbers came after data last week that showed the U.S. economy grew by a weaker than-expected 2.6% in the fourth quarter, slowing sharply from growth of 5.0% in the preceding quarter.
TRADING STRATEGY :
BUY GOLD ABOVE 1268 TARGET 1273 1279 SL 1262
SELL GOLD BELOW 1255 TARGET 1250 1244 SL 1261
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INTERNATIONAL COMMODITY NEWS :
Gold prices dipped in Asia on Thursday with investors focused on an upcoming European Central Bank meeting expected to further ease policy.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.22% to 1.290.80 a troy ounce in Asia.Overnight, gold remained above the $1,300-level on Wednesday, after data showed that the number of building permits issues in the U.S. fell unexpectedly in December, while housing starts topped forecasts, painting a mixed picture of the U.S. housing sector.
TRADING STRATEGY :
BUY GOLD ABOVE 1297 TARGET 1302 1308 SL 1291
SELL GOLD BELOW 1284 TARGET 1279 1273 SL 1290
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INTERNATIONAL COMMODITY NEWS :
Gold prices held mostly flat in Asia on Wednesday with investors looking ahead to events in Europe on the euro and Greece. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded up 0.02% to $1,293.40 a troy ounce.Overnight, gold extended gains to trade near the $1,300-level on Tuesday, as investors looked ahead to the European Central Bank’s policy meeting later this week to see if it would launch a government bond-buying program.
TRADING STRATEGY :
BUY GOLD ABOVE 1300 TARGET 1305 1311 SL 1294
SELL GOLD BELOW 1285 TARGET 1280 1274 SL 1291
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INTERNATIONAL COMMODITY NEWS :
Oil markets dipped on Tuesday as China’s economic growth for 2014 undershot a government target and hit its weakest annual expansion in 24 years, adding to worries in energy markets already suffering from slowing demand and oversupply.The world’s second- largest economy grew 7.4 percent last year, China’s National Bureau of Statistics said, less than the target of 7.5 percent. Growth in the fourth quarter held at its weakest in nearly six years, although coming in slightly better than expected at 7.3 percent.
TRADING STRATEGY :
BUY GOLD ABOVE 1282 TARGET 1287 1293 SL 1276
SELL GOLD BELOW 1271 TARGET 1266 1260 SL 1277
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INTERNATIONAL COMMODITY NEWS :
Oil prices slumped in early Asia on Monday as the supply outlook remains robust despite a sustained drop in prices of more than 50% in the past six months.On the New York Mercantile Exchange, crude oil for delivery in February eased 0.78% at $48.75 a barrel. Last week, oil prices rallied sharply on Friday, as bullish comments made by the International Energy Agency helped ease concerns over a glut in global supplies. For the week, New York-traded oil futures inched up 33 cents, or 0.67%, the first weekly gain in eight weeks.Elsewhere, on the ICE Futures Exchange in London, Brent for March delivery jumped $1.90, or 3.94%, to settle at $50.17 a barrel on Friday.The International Energy Agency cut its forecast for the increase in non-OPEC oil supply this year by 350,000 barrels a day, amid indications lower prices had begun to curb output in some areas, including North America.
TRADING STRATEGY :
BUY GOLD ABOVE 1285 TARGET 1290 1296 SL 1279
SELL GOLD BELOW 1272 TARGET 1267 1261 SL 1278
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INTERNATIONAL COMMODITY NEWS :
Gold prices eased in Asia on Thursday even as the dollar weakened slightly in intraday trade.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.49 to trade at $1,228.50 a troy ounce.Overnight, gold rose to the highest levels of the session on Wednesday, after data showed that retail sales in the U.S. fell more than expected in December, dampening optimism over the strength of the economic recovery. U.S. Commerce Department said that retail sales declined by a seasonally adjusted 0.9% last month, worse than expectations for a drop of 0.1%. Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
TRADING STRATEGY :
BUY GOLD ABOVE 1233 TARGET 1238 1244 SL 1227
SELL GOLD BELOW 1225 TRAGET 1220 1214 SL 1231
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INTERNATIONAL COMMODITY NEWS :
Copper prices plunged in Asia on wednesday with investors pointing to demand concerns in China, but no specific events that would trigger a further decline from overnight. Copper for March delivery plunged 4.30% to $2.492 a pound, after hitting a daily overnight low of $2.639, a level not seen since August 2009.Strong trade data from China on Tuesday, the world’s largest copper consumer, failed to boost sentiment.The Asian nation reported a trade surplus of $49.6 billion in December, broadly in line with expectations. Exports jumped 9.7% in December, but imports rose by a smaller-than-forecast 2.4%, pointing to weak domestic demand.
TRADING STRATEGY :
SELL GOLD BELOW 1224 TARGET 1219 1213 SL 1230
BUY GOLD ABOVE 1240 TARGET 1245 1251 SL 1234
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INTERNATIONAL COMMODITY NEWS :
Gold prices eased lower in early Asia on Tuesdya with investors warily eyeing the global commodity complex as crude oil continues to plunge.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at 1.230.90 a troy ounce, down 0.15%, while silver futures for March delivery climbed 0.05% to trade at $16.572an ounce.Overnight, copper prices fell to a more than five-year low on Monday, as growing concerns over a slowdown in global demand combined with a broadly stronger U.S. dollar dampened the appeal of the red metal.Copper for March delivery on the Comex hit a daily low of $2.700 a pound, a level not seen since October 2009, before trading at $2.717 during U.S. morning hours, down 1.37%. On early Tuesday in Asia, copper futures were flat at 2.722 a pound.Copper fell after data showed that Chinese producer price inflation dropped by the most in two years in December, underling concerns over a slowdown in demand.The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
TRADING STRATEGY :
BUY GOLD ABOVE 1242 TARGET 1247 1253 SL 1236
SELL GOLD BELOW 1230 TARGET 1225 1219 SL 1236
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