INTERNATIONAL COMMODITY NEWS :
Gold prices rose by 0.82 per cent on Tuesday as investors await clearer signals on interest rates this week. Investors in Asia await the release of China’s monthly Caixin Services PMI index in March for further indications on the health of the struggling manufacturing sector in the world’s second-largest economy.
Crude oil prices fell by 1.38 per cent on Tuesday as a bearish drumbeat of oversupply weighs on sentiment. Traders responded to a bearish note from BNP Paribas on the increased likelihood that oil could retest yearly lows amid signals of mounting stockpiles worldwide. At the MCX crude oil futures for April 2016 contract were trading at Rs. 2367 per barrel down by 1.38 per cent after opening at Rs. 2380 against the previous closing price of Rs. 2400.
Natural Gas futures jumped by more than 3 per cent in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a bullish trend internationally where prices rose to an eight-week high on hopes that unseasonably cold weather in parts of the US may bolster demand for the heating fuel and ease a supply glut.
TRADING STRATEGY :
BUY GOLD ABOVE 1235 TARGET 1240 1246 SL 1229
SELL GOLD BELOW 1228 TARGET 1223 1216 SL 1234
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