INTERNATIONAL COMMODITY NEWS :
Oil prices dropped on Tuesday due to mounting concerns that global supply is far outreaching demand, while a stronger U.S. dollar also bruised the commodity .In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded down 3.01% at $93.07 a barrel during U.S. trading. New York-traded oil futures hit a session low of $92.93 a barrel and a high of $95.88 a barrel. While the U.S. economy continues to show signs of improvement, the global economy may be battling headwinds, concerns of which that battered crude prices earlier. China’s official manufacturing index ticked down to 51.1 from 51.7 in July, while the HSBC manufacturing index slowed to 50.2 from 50.3 the previous month.
TRADING STRATEGY :
SELL GOLD BELOW 1266 TGT 1262,1256 SL 1271
BUY GOLD ABPVE 1270 TGT 1274,1279 SL 1265
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Oil prices dropped on Tuesday due to mounting concerns that global supply is far outreaching demand, while a stronger U.S. dollar also bruised the commodity .In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded down 3.01% at $93.07 a barrel during U.S. trading. New York-traded oil futures hit a session low of $92.93 a barrel and a high of $95.88 a barrel. While the U.S. economy continues to show signs of improvement, the global economy may be battling headwinds, concerns of which that battered crude prices earlier. China’s official manufacturing index ticked down to 51.1 from 51.7 in July, while the HSBC manufacturing index slowed to 50.2 from 50.3 the previous month.
TRADING STRATEGY :
SELL GOLD BELOW 1266 TGT 1262,1256 SL 1271
BUY GOLD ABPVE 1270 TGT 1274,1279 SL 1265
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