INTERNATIONAL COMMODITY NEWS :
• On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,284.20 a troy ounce during U.S. trading, down 0.98%, up from a session low of $1,282.10 and off a high of $1,298.60. The December contract settled down 0.28% at $1,296.90 on Wednesday.Futures were likely to find support at $1,258.00 a troy ounce, the low from June 17, and resistance at $1,314.60, Monday’s high.The Labor Department on Friday will release its July non farm payrolls report, and consensus forecasts see the U.S. economy picking up 233,000 new jobs.Even if the figure comes in below that number, a reading over 200,000 would represent six straight months of beating that threshold, a sign the labor market is improving even if it’s still a little slack.
TRADING STRATEGY :
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• On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,284.20 a troy ounce during U.S. trading, down 0.98%, up from a session low of $1,282.10 and off a high of $1,298.60. The December contract settled down 0.28% at $1,296.90 on Wednesday.Futures were likely to find support at $1,258.00 a troy ounce, the low from June 17, and resistance at $1,314.60, Monday’s high.The Labor Department on Friday will release its July non farm payrolls report, and consensus forecasts see the U.S. economy picking up 233,000 new jobs.Even if the figure comes in below that number, a reading over 200,000 would represent six straight months of beating that threshold, a sign the labor market is improving even if it’s still a little slack.
TRADING STRATEGY :
- BUY GOLD COMEX ABOVE 1290 TG 1296,1306 SL 1281
- SELL GOLD COMEX BELOW 1280 TG 1274,1264 SL 1290
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