INTERNATIONAL COMMODITY NEWS :
Oil prices were heading for a seventh weekly loss on Friday, with key producers showing no signs of cutting output in the face of a global supply glut.Brent and U.S. crude futures both hit their lowest since 2009 this week and are down more than 50 percent from June, although they inched up on Friday after robust U.S. economic data brightened the outlook for demand.Brent crude had climbed 21 cents to $51.17 a barrel by 0203 GMT. U.S. crude for February delivery was at $49.13, up 34 cents.But supply concerns remained as Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices even as demand slowed globally.Meanwhile, annual consumer inflation in China remained near the lowest in five years, signaling persistent weakness in the world’s largest energy consumer.”Without any changes to fundamentals, selling appears largely to be jittery investors looking for supply- demand equilibrium,” ANZ analysts said in a note.
TRADING STRATEGY :
BUY GOLD ABOVE 1216.5 TARGET 1221.5 1227.5 SL 1210.5
SELL GOLD BELOW 1208 TARGET 1203 1197 SL 1214
Oil prices were heading for a seventh weekly loss on Friday, with key producers showing no signs of cutting output in the face of a global supply glut.Brent and U.S. crude futures both hit their lowest since 2009 this week and are down more than 50 percent from June, although they inched up on Friday after robust U.S. economic data brightened the outlook for demand.Brent crude had climbed 21 cents to $51.17 a barrel by 0203 GMT. U.S. crude for February delivery was at $49.13, up 34 cents.But supply concerns remained as Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices even as demand slowed globally.Meanwhile, annual consumer inflation in China remained near the lowest in five years, signaling persistent weakness in the world’s largest energy consumer.”Without any changes to fundamentals, selling appears largely to be jittery investors looking for supply- demand equilibrium,” ANZ analysts said in a note.
TRADING STRATEGY :
BUY GOLD ABOVE 1216.5 TARGET 1221.5 1227.5 SL 1210.5
SELL GOLD BELOW 1208 TARGET 1203 1197 SL 1214
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