INTERNATIONAL COMMODITY NEWS :
• Brent crude slipped below $70 a barrel on Friday and was set for a second weekly fall, with Saudi Arabia cutting prices in another indication it would maintain output in an oversupplied market Saudi Arabia cut monthly prices for crude it sells to the United States and Asia, while Iraq is set to export more oil, preventing Brent from staging a recovery after a near 13-percent plunge last week .Brent crude had dropped 43 cents to $69.21 a barrel by 0223 GMT (09:23 p.m. EST). U.S. crude was down 35 cents at $66.46, on track for a 1-percent gain this week.
• Gold prices eased in early Asia on Friday with investors focused on U.S. jobs data later in the day. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,205.20 a troy ounce, down 0.06%, after hitting an overnight session low of $1,201.50 and off a high of $1,213.50. Overnight, gold futures held to steady to lower on Thursday after the European Central Bank held off on introducing fresh stimulus measures, which sent the euro gaining and the dollar falling. Gold and the dollar tend to trade inversely with one another, but an upbeat report on U.S. jobless claims kept gold’s gains in check, sending the precious metal into negative territory at times.
• Natural gas futures edged lower on Thursday on news that U.S. inventories fell less last week than markets were expecting, while mild weather forecasts pressured prices lower as well. On the New York Mercantile Exchange, natural gas futures for delivery in January were down 3.96% at $3.655 per million British thermal units during U.S. trading. The commodity hit a session low of $3.651, and a high of $3.807. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ending Nov. 28 fell by 22 billion cubic feet, less than expectations for a decline of 41 billion and well below a drop of 162 billion in the week before.
• Crude futures fell on Thursday on news that Saudi Arabia trimmed the price of oil it exports to the U.S. and Saudi Arabia. In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in January traded down 1.66% at $66.26 a barrel during U.S. trading, up from a session low of $66.13 a barrel and off a high of $68.20 a barrel. Saudi Arabia’s state-run oil company lowered official selling prices for its crude in January to the lowest in at least 14 years for buyers in the U.S. and Asia. The move suggested that the kingdom is stepping up a battle for market share with cheaper U.S. shale oil after last week’s OPEC decision to keep production quotas unchanged, giving oil prices room to slide lower.
TRADING STRATEGY :
- BUY GOLD ABOVE 1215 TARGET 1220 1226 SL 1208
- SELL GOLD BELOW 1201 TARGET 1996 1990 SL 1207