INTERNATIONAL COMMODITY NEWS :
Gold prices fell early in Asia on Monday as demand prospects waned with expectations that the U.S. Federal Reserve could raise interest rates within the first half of 2015.On the Comex division of the New York Mercantile Exchange, goldfor December traded at $1,228.60 a troy ounce, down 0.24%, after hitting a session low of $1,228.10 a troy ounce on Friday, a level not seen since Jan. 9.Prices recovered on Friday to settle at $1,231.50, down $7.50, or 0.61%.The data came after a government report showed that U.S. retail sales rose 0.6% last month, in line with expectations.
Crude oil prices fell sharply in Asia on Monday with the drop spurred by weak demand amid ample global supplies .On the New York Mercantile Exchange, crude oil for delivery in October traded at $90.36 a barrel, down 1.11%, after closing Friday down 0.6% to end the week at $92.27 a barrel. Last week, crude oil futures revisited levels close to multi -month lows as ample global supplies and concerns about a slowdown in demand continued to weigh. On the ICE Futures Exchange in London, Brent Oil for October delivery slumped 0.99% on Friday to settle at $97.11 a barrel by close of trade.
U.S. natural gas futures clawed back from the previous session’s sharp losses on Friday, as concerns over tropical storm activity in the Gulf of Mexico prompted traders to return to the market and seek cheap valuations. On the New York Mercantile Exchange, natural gas for delivery in October tacked on 3.4 cents, or 0.89%, to settle at $3.857 per million British thermal units by close of trade on Friday. A day earlier, natural gas prices plunged 13.1 cents, or 3.31%, to end at $3.823.
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran. But as rising supplies of North American crude and tepid demand have pushed prices below $100 a barrel, the move underlies how the shale oil revolution is creating a political and economic advantage for Washington and its Western allies. Russia and Iran are heavily reliant on oil sales and face budget shortages at current price levels, analysts say, weakening their position when negotiating over Ukrainian sovereignty or the Iranian nuclear deal.
TRADING STRATEGY :
BUY GOLD ABOVE 1240 TGT 1244,1249 SL 1235
SELL GOLD BELOW 1230 TGT 1226,1221 SL 1235
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Gold prices fell early in Asia on Monday as demand prospects waned with expectations that the U.S. Federal Reserve could raise interest rates within the first half of 2015.On the Comex division of the New York Mercantile Exchange, goldfor December traded at $1,228.60 a troy ounce, down 0.24%, after hitting a session low of $1,228.10 a troy ounce on Friday, a level not seen since Jan. 9.Prices recovered on Friday to settle at $1,231.50, down $7.50, or 0.61%.The data came after a government report showed that U.S. retail sales rose 0.6% last month, in line with expectations.
Crude oil prices fell sharply in Asia on Monday with the drop spurred by weak demand amid ample global supplies .On the New York Mercantile Exchange, crude oil for delivery in October traded at $90.36 a barrel, down 1.11%, after closing Friday down 0.6% to end the week at $92.27 a barrel. Last week, crude oil futures revisited levels close to multi -month lows as ample global supplies and concerns about a slowdown in demand continued to weigh. On the ICE Futures Exchange in London, Brent Oil for October delivery slumped 0.99% on Friday to settle at $97.11 a barrel by close of trade.
U.S. natural gas futures clawed back from the previous session’s sharp losses on Friday, as concerns over tropical storm activity in the Gulf of Mexico prompted traders to return to the market and seek cheap valuations. On the New York Mercantile Exchange, natural gas for delivery in October tacked on 3.4 cents, or 0.89%, to settle at $3.857 per million British thermal units by close of trade on Friday. A day earlier, natural gas prices plunged 13.1 cents, or 3.31%, to end at $3.823.
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran. But as rising supplies of North American crude and tepid demand have pushed prices below $100 a barrel, the move underlies how the shale oil revolution is creating a political and economic advantage for Washington and its Western allies. Russia and Iran are heavily reliant on oil sales and face budget shortages at current price levels, analysts say, weakening their position when negotiating over Ukrainian sovereignty or the Iranian nuclear deal.
TRADING STRATEGY :
BUY GOLD ABOVE 1240 TGT 1244,1249 SL 1235
SELL GOLD BELOW 1230 TGT 1226,1221 SL 1235
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