INTERNATIONAL COMMODITY NEWS :
Oil prices dipped in early Asian trade on Monday after much of the region returned from the Lunar New Year holiday, with Brent futures testing support around $60 a barrel and U.S. contracts hovering around $50.50.Following a steep fall from June 2014 to six-year lows, oil prices have recovered around a third of their value since mid-January, with benchmark Brent contracts jumping almost $20 a barrel to $63 a barrel last week as traders closed long-standing short positions in reaction to a falling U.S. rig count.”U.S. crude oil prices slipped, as markets finally digested another rise in U.S. crude inventories, which offset another week of oil rig count declines,” ANZ bank said on Monday. Benchmark Brent crude futures were trading at $60.07. at 0100 GMT, down 10 cents from their last settlement, while U.S. WTI crude was down 20 cents at $50.61 a barrel. Although both U.S. WTI and international Brent prices dipped in the past week, American contracts have fallen more sharply largely in response to the record inventories.
TRADING STRATEGY :
BUY GOLD ABOVE 1205 TARGET 1210 1216 SL 1199
SELL GOLD BELOW 1197 TARGET 1192 1186 SL 1203
Oil prices dipped in early Asian trade on Monday after much of the region returned from the Lunar New Year holiday, with Brent futures testing support around $60 a barrel and U.S. contracts hovering around $50.50.Following a steep fall from June 2014 to six-year lows, oil prices have recovered around a third of their value since mid-January, with benchmark Brent contracts jumping almost $20 a barrel to $63 a barrel last week as traders closed long-standing short positions in reaction to a falling U.S. rig count.”U.S. crude oil prices slipped, as markets finally digested another rise in U.S. crude inventories, which offset another week of oil rig count declines,” ANZ bank said on Monday. Benchmark Brent crude futures were trading at $60.07. at 0100 GMT, down 10 cents from their last settlement, while U.S. WTI crude was down 20 cents at $50.61 a barrel. Although both U.S. WTI and international Brent prices dipped in the past week, American contracts have fallen more sharply largely in response to the record inventories.
TRADING STRATEGY :
BUY GOLD ABOVE 1205 TARGET 1210 1216 SL 1199
SELL GOLD BELOW 1197 TARGET 1192 1186 SL 1203
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