INTERNATIONAL COMMODITY NEWS :
Crude futures closed up slightly Tuesday, getting some relief from a weak dollar but not making significant strides as traders prepared for the end of the year.The dollar is generally inversely related to the price of oil, and so a small the decline in the dollar index (DXY) may have lent some strength to crude oil, according Thomas Saal, an analyst with INTL Hencorp Futures. Saal said prices may have also been boosted as traders balanced their positions before the end of the year.The global benchmark Brent settled up 2 cents at $57.90. U.S. crude settled up 51 cents at $54.12 a barrel.Both measures hit 5-1/2-year lows yesterday before rebounding slightly.U.S. crude was supported slightly by news that the Obama administration took two long-awaited steps that could increase the amount of processed light crude that can be shipped under the 40-year-old ban on exports of most domestic crude.The reaction was muted because the measures were introduced during the holidays, said John Kilduff, partner at New York energy hedge fund Again Capital.
TRADING STRATEGY :
BUY GOLD ABOVE 1204 TARGET 1209 1215 SL 1198
SELL GOLD BELOW 1197 TARGET 1192 1186 SL 1203
Crude futures closed up slightly Tuesday, getting some relief from a weak dollar but not making significant strides as traders prepared for the end of the year.The dollar is generally inversely related to the price of oil, and so a small the decline in the dollar index (DXY) may have lent some strength to crude oil, according Thomas Saal, an analyst with INTL Hencorp Futures. Saal said prices may have also been boosted as traders balanced their positions before the end of the year.The global benchmark Brent settled up 2 cents at $57.90. U.S. crude settled up 51 cents at $54.12 a barrel.Both measures hit 5-1/2-year lows yesterday before rebounding slightly.U.S. crude was supported slightly by news that the Obama administration took two long-awaited steps that could increase the amount of processed light crude that can be shipped under the 40-year-old ban on exports of most domestic crude.The reaction was muted because the measures were introduced during the holidays, said John Kilduff, partner at New York energy hedge fund Again Capital.
TRADING STRATEGY :
BUY GOLD ABOVE 1204 TARGET 1209 1215 SL 1198
SELL GOLD BELOW 1197 TARGET 1192 1186 SL 1203
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