19Feb
GBP/USD

GBP/USD reinforce above 1.40

  • Link blurs the spike to 1.4050.
  • Carney is expected to talk later today.
  • US markets will stay close

The Sterling is currently substituting picks up with misfortunes versus the greenback toward the start of the week, taking GBP/USD to the 1.4020/30 band.

GBP/USD consideration regarding Carney

Link is hoping to solidify in the lower en of the current range following Friday’s sharp drop, where it appears to have discovered some good help in the 1.4000 neighborhood.

Rangebound exchanging around the buck is likewise working together with the absence of course in the match toward the start of the week, all in the midst of thin exchange conditions and rare unpredictability because of the occasion in US markets.

On the situating front and following the most recent CFTC report, GBP net yearns dropped to 7-week lows in the week to February 13.

In any case, GBP should remain careful on the forthcoming discourse by Governor M.Carney, especially after the hawkish tone conveyed by the national bank at its most recent gathering prior in the month.

GBP/USD levels to consider

As of composing, the match is losing 0.01% at 1.4026 and a break of 1.3998 (low Feb.16) would go for 1.3948 (10-day sma) and afterward 1.3765 (low Feb.9). On the upside, the following obstacle rises at 1.4146 (high Feb.16) backed by 1.4154 (close term protection line) lastly 1.4280 (high Feb.2).

GBP/USD reinforce above 1.40

 

19Feb

FBM KLCI is expected to extend its gains today

The FBM KLCI is expected to extend its gains on resuming trade today in line with the close at most global markets last Friday after the extended weekend to celeberate the Lunar New Year.

The ringgit is also likely to be in focus today after it firmed up 0.57% in pre-holiday trade last Thursday and was quoted at 3.8942 to the greenback.The dollar rose and stocks around the globe rallied for a sixth straight session on Friday to post their best week in more than two years, but a U.S. indictment over alleged Russian meddling in the 2016 presidential election cooled gains on Wall Street, according to Reuters.

fbmklci

The 37-page indictment of a Russian internet agency filed by Special Counsel Robert Mueller described a conspiracy with the aim of supporting Donald Trump and sowing discord in the U.S. political system, it said.On Wall Street, the Dow Jones Industrial Average closed up 19.01 points, or 0.08 percent, to 25,219.38. The S&P 500 gained 1.02 points, or 0.04 percent, to 2,732.22 and the Nasdaq Composite dropped 16.97 points, or 0.23 percent, to 7,239.47, said Reuters.

19Feb

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

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INTERNATIONAL COMEX NEWS

  • Gold prices fell Friday but were set to clinch their biggest weekly win in nearly two years despite a rebound in the greenback from three-year lows. Gold futures for April delivery on the Comex division of the New York Mercantile Exchange fell by $5.70, or 0.42%, to $1,349.70 a troy ounce. In the wake of a rebound in the dollar, gold prices fell but remained well supported as traders continued to mull over the impact of rising inflation on the precious metal.
  • Natural gas futures were higher on Thursday, finding support after data showed that domestic supplies in storage fell more than forecast last week. Front-month U.S. natural gas futures gained 1.7 cents, or around 0.6%, to $2.603 per million British thermal units (btu) by 10:45AM ET (1545GMT). Futures were at around $2.593 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 194 billion cubic feet (bcf) in the week ended Feb. 9, above forecasts for a withdrawal of 183 bcf.
  • Crude oil prices settled higher shrugging off data showing the number of US oil rigs rose for the fourth straight week. On the New York Mercantile Exchange crude futures for March delivery rose 34 cents to settle at $61.68 a barrel, while on London’s Intercontinental Exchange, Brent gained 37 cents to trade at $64.70 a barrel. The number of oil rigs operating in the US jumped by seven to 798, the highest level since April 2, 2015, according to data from energy services

ECONOMY NEWS

  • The Canadian government is evaluating what impact lower U.S. corporate taxes could have on competitiveness north of the border, the finance minister said on Friday, though he gave no details on what Canada might do in response. Finance Minister Bill Morneau met with a group of private sector economists earlier in the day to discuss the Canadian outlook ahead of the release of the federal government’s budget later this month.
  • The Canadian government plans to open free trade talks with the four-nation Mercosur trading bloc in South America, an official said on Friday, at a time when the future of NAFTA is facing increasing uncertainty. Canada sends around 75 percent of its goods exports to the United States and is looking for new markets to reduce the reliance on its southern neighbor. Trade Minister Francois-Philippe Champagne is set to arrive in Paraguay on March 9 to launch talks with Mercosur, which also includes Argentina, Brazil and Uruguay.
  • A Brexit deal should strike a balance to ensure Britain clearly diverges from the European Union’s single market but keeps close economic ties with the bloc, German Chancellor Angela Merkel said after meeting British Prime Minister Theresa May on Friday. With little more than a year to go before Britain leaves the EU, Merkel struck an upbeat tone

19feb4

14Feb

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

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14feb2

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INTERNATIONAL COMEX NEWS

  • Gold prices rose on Tuesday, as caution ahead of this week’s U.S. inflation data weighed on demand for the dollar. Comex gold futures were up 0.31% at $1,330.5 a troy ounce by 08:00 a.m. ET (12:00 GMT), the highest since February 7. Market participants were eyeing this week’s U.S. consumer price inflation data due on Wednesday and producer price inflation data on Thursday for further clues on how fast the Federal Reserve will raise interest rates this year
  • Norway’s finance ministry asked the central bank on Tuesday to explain what impact a potential listing of state oil giant Saudi Aramco would have on the benchmark equity index of the country’s $1 trillion sovereign wealth fund. The request was made as part of public consultations on Norges Bank’s proposal to drop the oil and gas sector from the fund’s investments in order to reduce the risk of oil-price fluctuations.
  • Crude oil prices slumped into correction — a 10% drop from their January highs — amid the turmoil that hit stocks over the past two weeks. But according to commodity strategists at RBC Capital Markets, investors would be wise not to ignore several risks that may drive prices even lower. Short of sounding “alarm bells” in their note on Tuesday, the strategists led by Michael Tran said pockets of the market are getting oversupplied again.

ECONOMY NEWS

  • Republicans in Congress are on a tear during the Donald Trump administration, ushering in big-spending and deficitballooning advancements in direct contrast to the Tea Party wave that reshaped the modern GOP. During the budget negotiations that resulted in brief shutdown last week, enraged conservatives blasted Republican leaders for championing a massive spending deal. “When Republicans, given power, are consistently growing government and adding to the debt, it’s time to stop saying they’re abandoning limited government principles,” wrote Philip Klein in the Washington Examiner. “The reality is, they do not actually have any limited government principles. Their priorities are lower taxes and higher military spending, and they are willing to accede to growth in entitlements and other government programs if that is what it takes to secure their first two goals.”
  • Federal Reserve Chair Jerome Powell, at a ceremonial swearing-in as head of the central bank, said on Tuesday the Fed would keep watching for financial stability risks and preserve “essential” improvements in financial regulation since the 2007-2009 crisis. Powell, speaking on the heels of a market rout that shaved 10 percent from the value of major U.S. stock indexes, said the Fed would “preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible. We will remain alert to any developing risks to financial stability.”

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13Feb

FTSE Bursa Malaysia KLCI Dropped –19.620 points

The FBM KLCI index lost 19.62 points or 1.07% on Friday. The Finance Index fell 1.17% to 17456.47 points, the Properties Index dropped 0.67% to 1178.96 points and the Plantation Index down 0.28% to 7946.03 points. The market traded within a range of 17.98 points between an intra-day high of 1824.23 and a low of 1806.25 during the session. Actively traded stocks include NICORP, HIBISCS, AAX, PDZ-WB, BORNOIL, FINTEC, SAPNRG, HSI-C1X, PERISAI and UMWOG. Trading volume increased to 2451.96 mil shares worth RM2673.56 mil as compared to Thursday’s 2054.14 mil shares worth RM2085.37 mil. Leading Movers were PETDAG (+38 sen to RM24.90), NESTLE (+110 sen to RM116.10), KLCC (+7 sen to RM7.80), PETCHEM (+4 sen to RM8.00) and IHH (+1 sen to RM5.94). Lagging Movers were YTL (-5 sen to RM1.42), CIMB (- 24 sen to RM6.86), MAXIS (-19 sen to RM5.88), PETGAS (-52 sen to RM17.48) and GENTING (-22 sen to RM8.78). Market breadth was negative with 208 gainers as compared to 900 losers. The KLCI closed lower to 1819.82 points amid significant losses in US market. The performance of our local bourse was bogged down by negative sentiment worldwide.

gainerslosers

 

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) Dropped –19.620 points ended 1824.230 to after hovering 1824.230-1806.250 throughout the day. The RSI at 39.136

12Feb

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

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Comex Gold Signal

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12feb3

INTERNATIONAL COMEX NEWS

  • Gold prices were little changed on Friday, as the U.S. dollar declined following news of another U.S. government shutdown although a budget bill was expected to be passed before the weekend, while U.S. bond yields turned back higher. Comex gold futures were steady at $1,318.5 a troy ounce by 02:00 a.m. ET (06:00 GMT), off Thursday’s one-month low of $1,309.22.
  • Crude oil prices settled lower as data showed the number of US oil rigs surged to a 34 month high, stoking investor fears for a ramp up in domestic production. On the New York Mercantile Exchange crude futures for March delivery fell 3.19% cents to settle at $59.20 a barrel, while on London’s Intercontinental Exchange, Brent lost 3.56% to trade at $62.50 a barrel. The number of oil rigs operating in the US rose by 26 to 791, the highest level since April 2, 2015, according to data from energy services firm Baker Hughes.
  • Colombia is drawing up plans to hedge against declines in the price of crude, its main export, the country’s finance minister said on Friday, following in the footsteps of Mexico, which successfully used one during the 2014-2016 price slump. Mauricio Cardenas said “it is the right time” for Colombia to start thinking about implementing an oil hedge for the first time, adding that the country would need to reshape its legal framework to allow the government to lead a potentially risky financial transaction.

ECONOMY NEWS

  • Billionaire investor Chase Coleman’s hedge fund Tiger Global Management presented investors with a 28 percent gain last year when stocks zoomed higher, but he assured them he has not give up on betting against duds when the time is right. “While we have heard, read, and seen many signs of capitulation from short-sellers, we remain highly committed to the strategy,” the firm said in its most recent client letter seen by Reuters on Friday. Last year it was wrong-footed by bets against grocer Whole Foods and mall operator General Growth Properties and said that six of its shorts were acquired.
  • Republican leaders in Pennsylvania’s legislature submitted a plan for redrawing the state’s congressional districts just hours before Friday’s court-ordered deadline, but Democratic Governor Tom Wolf questioned whether the proposal will pass legal muster. The newly-drawn political map was ordered on Jan. 22 by the state Supreme Court, which invalidated the existing congressional district boundaries as an illegal gerrymander created by the Republican-controlled state legislature.
  • A brief U.S. government shutdown ended on Friday after Congress passed and President Donald Trump signed into law a temporary spending deal expected to push budget deficits past $1 trillion annually with new military and domestic outlays. But Trump is expected to unveil on Monday a fiscal 2019 budget plan that will be based on rosy assumptions,

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9Feb
EURUSD

Elliott Wave Analysis in EUR/USD

EUR/USD Elliott Wave Analysis Talking Points:

  • EURUSD is near finishing a three year Elliott Wave extended level example
  • The last wave is coming to fruition with a few focuses close to the 10 year slant at 1.26
  • A bearish inversion has an underlying focus of 1.15 with an auxiliary zone 1.09-1.12

EUR/USD Elliott Wave investigation demonstrates a three year extended level example near being finished. New highs over 1.26 might be fleeting as a substantial bearish inversion floats close-by.

Elliott Wave Flat Pattern Began in 2015

EUR/USD has been rectifying sideways since March of 2015 as an A-B-C wave. This three-wave move is formed as an extended level example.

As per the Elliott Wave guideline, the ‘C’ wave of the level would need to cut in five waves and it is the terminal flood of the bigger example. We can see from the outline underneath that the example is almost total as the fifth and last wave is progressed long.

Elliott Wave Analysis in EUR/USD

Elliott Wave Analysis in EUR/USD

One advantage of perusing the diagrams utilizing Elliott Wave Theory is that we can decide the development of the pattern in view of what number of waves have framed. As said above, we seem progressed inside the fifth and last flood of ‘C’. As we examine the fifth wave that started in November, we can check four waves finish or about so (dark waves on the outline). Accordingly, the fifth rush of a fifth wave speaks to a maturing pattern that is ready for inversion. For those keeping track of who’s winning at home, EURUSD is in wave (v) of ((v)) of C. Each of those three wave are finishing waves.

Elliott Wave Forecasted Reversal Zone

As indicated by the Elliott Wave rule, there are rules for evaluating the separation of fifth waves and numerous wave connections show up almost 1.26. We trust EUR/USD may ascend to complete the three-year extended level example and turn around close to 1.26. In the event that EUR/USD overshoots 1.26, that is alright, in light of the fact that the wave connections are rules to help grapple you on the development of the present pattern.

Inside a drive wave, there are wave connections we can use to evaluate the length of the fifth wave. Ordinarily, the fifth wave is .382 or .618 times the length of waves 1 through 3. Basically, the fourth wave isolates the entire motivation wave with the brilliant proportion.

  • Dim wave (v) is .382 times waves (I) through (iii) at 1.2588.
  • Red circle wave ‘v’ is .618 times waves ‘I’ through ‘iii’ at 1.2623
  • The 10 year protection slant line for EUR/USD crosses close to 1.2620
  • The fibonacci 61.8% retracement of the 2014 auction is at 1.2648
Elliott Wave Analysis in EUR/USD

Elliott Wave Analysis in EUR/USD

As should be obvious, a few wave connections show up in a tight value zone almost 1.26. Accordingly, if EUR/USD extends towards these levels, we trust it is higher likelihood of a bearish pattern inversion than a bullish breakout.

What is the EURUSD Trading Opportunity?

In spite of the fact that EURUSD may progress to 1.26, we are nearing the off-ramp on the expressway. The better open doors are the point at which we have more reward with respect to the hazard. Despite the fact that littler exchanges can be considered to the bullish side, the better hazard to remunerate proportions are if EURUSD is fruitful in achieving the 1.26 zone. At 1.26, great hazard to remunerate proportions are accessible for short positions deliberately set. We will talk about those procedures (like breakouts) in future compositions. Our Traits of Successful Traders look into unloads the significance of hazard to remunerate proportions and how our mind handles winning and losing exchanges.

In the event that EURUSD turns lower, our underlying target is 1.15 that contains the past fourth wave low. Optional targets touch base almost 1.09-1.12.

8Feb

The FBM KLCI index lost 2.19% on tuesday

The FBM KLCI index lost 40.62 points or 2.19% on Tuesday. The Finance Index fell 2.22% to 17360.27 points, the Properties Index dropped 1.96% to 1176.72 points and the Plantation Index down 1.11% to 7894.12 points. The market traded within a range of 15.28 points between an intra-day high of 1841.08 and a low of 1825.80 during the session. Actively traded stocks include SUMATEC, SAPNRG, HIBISCS, PDZ-WB, HUAAN, BORNOIL, PUC, UMWOG, HIS-C1X and NETX. Trading volume decreased to 3317.65 mil shares worth RM3508.28 mil as compared to Monday’s 5205.47 mil shares worth RM5322.64 mil.

S&P 500, -113.19 pts to 2,648.94
FBM KLCI, -17.41 pts to 1,853.07
Straits Times, -46.89 pts to 3,482.93
Hang Seng, -356.56 pts to 32,245.22
Shanghai. +25.42 pts to 3,487.50

Gold: +6.78 to USD1,339.68/oz
Crude Oil (Brent): -0.96 to USD67.62/bbl
CPO Futures: +22 to RM2,489 per MT

MYR/USD: +0.0145 to 3.9000
MYR/SGD: -0.0026 to 2.9606
YUAN/MYR: -0.0081 to 1.6135

gainers losers

As it is, our local market breath is still sound and the underlying fundamentals are still good plus the buoyant election fever is still intact.Be prudent in your investment decisions and if you insist to trade; take note & be disciplined on you Stop Loss strategy.

Counters to watch:
1. JAKS
2. DRB
3. FGV
4. INARI
5. HUAAN
6. UCREST
7 VS
8. PMETAL
9. CAELY

A relook at oil counters should be in the book.

 

 

7Feb

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

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Comex Gold Signal

 

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INTERNATIONAL COMEX NEWS

  • Gold prices held onto gains on Tuesday, as a sell-off in global equities boosted demand for safe-haven assets. Comex gold futures were up 0.11% at $1,338.00 a troy ounce by 08:15 a.m. ET (12:15 GMT). Global equity markets began to plunge on Friday following the release of strong U.S. employment data, which sparked concerns over rising inflation, sending bond yields sharply higher. The Dow Jones Industrials index was particularly hit on Monday, when it recorded its worst daily point drop in history.
  • Oil fell for a third day on Tuesday, as a rout in global equities triggered losses across bonds, cryptocurrencies and commodities, although the crude price is in positive territory so far this year. Even with Wall Street stocks posting their largest one-day fall since late 2011 on Monday and measures of volatility spiking to multi-year highs, reflecting heightened investor nervousness, oil has not suffered to the same extent.
  • Natural gas futures extended recent losses to hit their lowest level in around six weeks on Tuesday, after weather forecasts showed that temperatures across key parts of the U.S. won’t be as cold as previously expected. Front-month U.S. natural gas futures slumped 4.5 cents, or around 1.6%, to $2.703 per million British thermal units (btu) by 8:55AM ET (1355GMT). It fell to its worst level since Dec. 27 at $2.699 earlier in the session.

ECONOMY NEWS

  • Central London’s “fully valued” commercial property market should be a wake-up call for the sector, the newest member of the Bank of England’s Financial Policy Committee (FPC) said on Tuesday. Elisabeth Stheeman said commercial property is used by small firms to back loans, creating a potentially large source of credit risk for banks and a threat to the wider economy if things go wrong.
  • St. Louis Federal Reserve President James Bullard on Tuesday said recent strength in the U.S. labor market may not trigger faster price increases, a view that runs counter to investors’ inflation fears currently pushing the stock market lower. The U.S. stock market has plunged since employment data on Friday showed strong job growth in January as well as surprisingly fast wage increases. Investors now see a higher risk of inflation as well as faster rate increases by the U.S. central bank. But Bullard, who does not have a vote on monetary policy this year although he participates in policy discussions, said inflation could stay low.
  • A pick up in currency market volatility over the last few days after years of suppression by central banks’ easy-money policies has prompted some investors to look again at protecting against, or profiting from, sharp moves. To hedge or not is a question that divides asset managers, with some actively buying and selling currency exposure through derivatives to boost or protect returns, and others refusing to spend the money, viewing the long-term impact as neutral.

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6Feb

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

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Comex Gold Signal

 

6feb1

 

6feb2

 

INTERNATIONAL COMEX NEWS

  • Gold prices fell sharply amid dollar strength following a jobs report showing the US economy created more jobs than expected in January, while signs of wage growth lifted investor expectations for a faster pace of rate hikes. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose by $9.80, or 0.73%, to $1,337.80 a troy ounce. The Labor Department said Friday, U.S. non-farm payrolls rose by 200,000 jobs in January.
  • Crude oil prices continued to decline on Monday, as rising U.S. production offset optimism surrounding global suppky cut efforts to drain the market of excess supplies. The U.S. West Texas Intermediate crude March contract was down 78 cents or about 1.19% at $64.67 a barrel by 04:00 a.m. ET (08:00 GMT). Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London lost 91 cents or about 1.33% to $67.67 a barrel, the lowest since January 8.
  • Natural gas futures started the week off in negative territory on Monday, after updated weather forecasting models showed that temperatures won’t be as cold as previously expected through both the upcoming six- to 10-day and eight – to 14-day periods. Front-month U.S. natural gas futures slumped 4.9 cents, or around 1.7%, to $2.796 per million British thermal units (btu) by 9:20AM ET (1420GMT).

ECONOMY NEWS

  • The federal government’s first partial shutdown of the year came to a close just 14 days ago. Already, another shutdown is bearing down on Congress. Because of the short-term nature of the funding agreement that ended the shutdown, lawmakers have only until the end of the day on February 8 to pass another bill to keep the government open. If the government enters into another shutdown, it would also be theshortest time between government shutterings since 1984.
  • Jerome Powell takes over as chair of the Federal Reserve just asnew figures show earnings and inflation edging up. It’s good news that the recovery is helping wages to rise faster and bringing inflation closer to the Fed’s target of 2 percent — but as last week’s big drop in equity prices suggests, it also complicates Powell’s job. Though the central bank has been gently reducing its monetary stimulus in recent months, its policy is still very expansionary. Powell needs to prepare investors for a faster withdrawal of this support.
  • Global institutional pension fund assets in the world’s 22 biggest markets hit a record $41.3 trillion in 2017, a study on Monday showed. Total assets grew $4.8 trillion over the year, the study by the Thinking Ahead Institute, a global notfor-profit member organization, and consultants Willis Towers Watson said, the largest yearly growth in dollar terms in the last 20 years.

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