Daily Archives: March 14, 2019
GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- The United States aims to cut Iran’s crude exports by about 20 percent to below 1 million barrels per day (bpd) from May by requiring importing countries to reduce purchases to avoid U.S. sanctions, two sources familiar with the matter told Reuters. U.S. President Donald Trump eventually aims to halt Iranian oil exports and thereby choke off Tehran’s main source of revenue.
- Democrats in the U.S. House of Representatives gave a cool reception to the replacement for the North American Free Trade Agreement on Wednesday as the top U.S. trade negotiator opened a campaign to win broad support for the accord in Congress. Several Democrats said a closed-door meeting between United States Trade Representative Robert Lighthizer and their caucus failed to ease their concerns about the new U.S.-Mexico-Canada Agreement’s (USMCA) provisions on labor, biologic drugs and some other issues.
- Gold futures for April delivery were up $10.95, or 0.8%, at $1,309.05 per ounce on the Comex division of the New York Mercantile Exchange by 2:08 PM ET (18:08 GMT). It hit a near two-week peak of $1,309.60 after settling at $1,309.30, up $11.20. Spot gold, reflective of trades in physical bullion, rose by $7.37, or 0.6%, to $1,308.96 by 2:08 PM ET after a session high at $1,309.46. On Wall Street, the S&P 500 index rose almost 1%, as February producer prices indicated benign inflation that strengthened the Federal Reserve’s patient stance on future rate hikes
- The U.S. agency in charge of federal buildings is blaming Congress for delays and a sudden change in plans for a new FBI headquarters, an issue that lawmakers are investigating as a possible conflict of interest for President Donald Trump. Before Trump was elected, the Federal Bureau of Investigation, currently based near the Trump International Hotel in central Washington, was headed for a new home in the suburbs; its crumbling headquarters, for the wrecking ball. But that all changed abruptly in 2017.
- British finance minister Philip Hammond said on Wednesday he could free billions of pounds for extra public spending or tax cuts, as long as parliament resolves its Brexit impasse. Hammond told lawmakers he could relax his grip on the public finances if they spared Britain the shock of leaving the world’s biggest trading bloc without an agreement. “I hoped we would do that last night, but I am confident that we, as a House, will do it over the coming weeks,” he said.
- China’s securities watchdog is tightening scrutiny over gray-market margin financing, barring brokerages from facilitating shadow lending and warning against risks of another credit-fueled bubble. The China Securities Regulatory Commission (CSRC) said on Wednesday that its subsidiary in eastern Zhejiang province last week held a meeting with local brokerages, flagging potential risks associated with illegal margin financing and banning them from doing any form of business that could facilitate such a business.
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