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
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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