Comex Signals

17Oct

COMEX MARKET IN MALAYSIA| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • The United States still aims to cut Iran’s oil sales to zero and does not expect restored oil sanctions against Tehran to have a negative impact on a market that is well-supplied and balanced, a senior U.S. official said on Monday. U.S. special envoy for Iran Brian Hook was talking to reporters after a visit to India, a major importer of Iranian oil, and talks with officials from France, Britain and Germany before the start of a new round of U.S. sanctions on Nov. 4 targeting Iran’s energy sector and financial transactions.
  • Oil prices steadied on Monday as tension over the disappearance of a prominent Saudi journalist stoked supply worries, balancing concerns over the long-term demand outlook. Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before giving up its gains to trade around $80.38, down 5 cents, by 1345 GMT. U.S. crude was down 5 cents at $71.29.
  • Gold prices surged around 1% on Monday to reach the highest level in three months as a combination of concerns over rising U.S. yields and the impact of trade conflict, along with geopolitical risks and a weaker dollar, underpinned demand for the precious metal. December gold futures were up $13.00 or 1.06% to $1,234.90 by 08:36 AM ET (12:36 GMT) on the Comex division of the New York Mercantile Exchange after rising as high as $1,236.90 earlier, the most since mid-July.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • When people over the age of 50 get divorced, retirement accounts become a key asset, even more so sometimes than the house or alimony. Lawyers and feuding couples are bracing for big changes at the end of 2018 for how these assets get split up. While most of the tax law changes that were signed at the end of 2017 are in effect for the current tax year, the divorce disruption does not kick in until Jan. 1, 2019.
  • North and South Korea agreed on Monday to begin reconnecting rail and road links, another step in an improving relationship that has raised U.S. concern about the possible undermining of its bid to press the North to give up its nuclear program. The agreement on transport links came during talks in the border village of Panmunjom aimed at following up on the third summit this year between South Korea’s President Moon Jae-in and North Korean leader Kim Jong Un, last month.
  • Labor unrest is on the rise at two centers in India where motorcycles and components are manufactured, underlining the problems Prime Minister Narendra Modi’s government faces in creating new manufacturing jobs that are sustainable and pay attractive wages. Motorbike makers, such as Japan’s Yamaha (T:7272), and India’s Eicher Motors(NS:EICH) – maker of the iconic Royal Enfield motorcycles – have been hit hard by walkouts, although major carmakers have been largely unscathed.

GOLD TRADING FORECAST TODAY

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16Oct

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • The United States still aims to cut Iran’s oil sales to zero and does not expect restored oil sanctions against Tehran to have a negative impact on a market that is well-supplied and balanced, a senior U.S. official said on Monday. U.S. special envoy for Iran Brian Hook was talking to reporters after a visit to India, a major importer of Iranian oil, and talks with officials from France, Britain and Germany before the start of a new round of U.S. sanctions on Nov. 4 targeting Iran’s energy sector and financial transactions.
  • Oil prices steadied on Monday as tension over the disappearance of a prominent Saudi journalist stoked supply worries, balancing concerns over the long-term demand outlook. Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before giving up its gains to trade around $80.38, down 5 cents, by 1345 GMT. U.S. crude was down 5 cents at $71.29.
  • Gold prices surged around 1% on Monday to reach the highest level in three months as a combination of concerns over rising U.S. yields and the impact of trade conflict, along with geopolitical risks and a weaker dollar, underpinned demand for the precious metal. December gold futures were up $13.00 or 1.06% to $1,234.90 by 08:36 AM ET (12:36 GMT) on the Comex division of the New York Mercantile Exchange after rising as high as $1,236.90 earlier, the most since mid-July.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • When people over the age of 50 get divorced, retirement accounts become a key asset, even more so sometimes than the house or alimony. Lawyers and feuding couples are bracing for big changes at the end of 2018 for how these assets get split up. While most of the tax law changes that were signed at the end of 2017 are in effect for the current tax year, the divorce disruption does not kick in until Jan. 1, 2019.
  • North and South Korea agreed on Monday to begin reconnecting rail and road links, another step in an improving relationship that has raised U.S. concern about the possible undermining of its bid to press the North to give up its nuclear program. The agreement on transport links came during talks in the border village of Panmunjom aimed at following up on the third summit this year between South Korea’s President Moon Jae-in and North Korean leader Kim Jong Un, last month.
  • Labor unrest is on the rise at two centers in India where motorcycles and components are manufactured, underlining the problems Prime Minister Narendra Modi’s government faces in creating new manufacturing jobs that are sustainable and pay attractive wages. Motorbike makers, such as Japan’s Yamaha (T:7272), and India’s Eicher Motors(NS:EICH) – maker of the iconic Royal Enfield motorcycles – have been hit hard by walkouts, although major carmakers have been largely unscathed.

COMEX GOLD SIGNAL

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15Oct

COMEX MARKET IN MALAYSIA| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold eased Friday on light profit-taking, a day after achieving its biggest one-day rally in two years. But support remained solid above the $1,200 level from safe-haven demand triggered by the recent weakness on Wall Street and spike in Treasury yields. “My 35 years on the floor have seen all this before,” George Gero, analyst at the RBC Wealth Management in New York, said, referring to gold’s ability to stay above the $1,200 level despite a series of rate hikes planned by the U.S. Federal Reserve.
  • The winter heating season officially began this month, with U.S. supplies of natural gas roughly 17% below the five-year average for this time of year—sending prices for the commodity to their highest levels since January. That could presage elevated, volatile prices as temperatures begin to fall. Domestic natural-gas supplies in storage stood at 2.956 trillion cubic feet for the week ended Oct. 5, according to the U.S. Energy Information Administration.
  • Oil prices rebounded Friday from the previous day’s rout, but still logged their biggest weekly loss since the second quarter after data showed U.S. drillers ramping up output, even as a second global energy agency said the market was adequately supplied. A weekly reading on the U.S. oil rig count rose by eight, the first such climb in four weeks, which signaled the U.S. shale crude industry was intensifying drilling with prices near four-year highs.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Italian officials must stop questioning the euro and need to “calm down” in their budget debate as they have already caused damage to firms and households, European Central Bank ECB President Mario Draghi said on Saturday. Italy’s government has been locked in a war of words with European officials over Rome’s plans to triple the deficit next year, backtracking on a previous pledge to narrow the budget gap in one of the bloc’s most indebted countries.
  • The International Monetary Fund said on Saturday its members pledged to refrain from competitive currency devaluations and step up dialogue on trade, as escalating trade frictions and higher borrowing costs threatened to knock global growth. The agreement came as U.S. Treasury Secretary Steve Mnuchin reiterated his concern over the yuan’s weakening against the dollar – a drop that Washington suspects may be aimed at giving Chinese exports a trade advantage and offsetting U.S. tariffs.
  • Japan wants to highlight global imbalances as key topics of debate, and take steps to fix them, when it chairs next year’s gatherings of the Group of 20 major economies, government officials said this week. Tokyo hopes other countries would join Japan to counter U.S. President Donald Trump’s focus on narrowing U.S. trade deficits through purely bilateral trade deals, the officials say, rather than the big international agreements now in place.

15oct5

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12Oct

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices rose more than 1% on Thursday, regaining the psychologically important $1,200 level as a rout in global stock markets spurred by fears over rising bond yields, slowing global growth and trade tensions bolstered safe haven demand. December gold futures were up $13.90 or 1.16% to $1,207.30 by 07:45 AM ET (11:45 GMT) on the Comex division of the New York Mercantile Exchange.
  • OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output. Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC’s third largest oil producer.
  • Chinese oil buyers are making a beeline for a bargain across the Pacific. With Canadian oil over 60 percent cheaper than U.S. benchmark West Texas Intermediate and global marker Brent, China’s refiners are being lured to the heavy and sludgy crude. That’s because, apart from being a source of fuel, it’s also rich in bitumen — a black residue used to build everything from roads to runways and roofs.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • U.S. President Donald Trump launched a second day of criticism against the Federal Reserve on Thursday, calling its interest rate increases a “ridiculous” policy that was making it more expensive for his administration to finance its escalating deficits. “I’m paying interest at a high rate because of our Fed. And I’d like our Fed not to be so aggressive because I think they’re making a big mistake,” Trump said in a Thursday morning interview on Fox & Friends.
  • White House economic adviser Larry Kudlow said in an interview with CNBC on Thursday that the Federal Reserve remained independent and U.S. President Donald Trump is not dictating policy to the Fed. His remarks came hours after Trump criticized the Fed for raising interest rates too quickly, in his second attack against the central bank in the past 24 hours.
  • China drew over $17 billion in orders for a sovereign dollar bond sale of $3 billion on Thursday against a backdrop of a global market sell-off and trade war with the United States. The $3 billion deal is only the third U.S.-dollar denominated issuance by China in the last 14 years. It returned to global markets in October last year for the first time since 2004. China is selling five-year, 10-year and 30-year bonds at 30-35, 45-50, 70-75 basis points (bps) over U.S. Treasuries, respectively, according to a term sheet seen by Reuters.

COMEX GOLD SIGNAL

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11Oct

COMEX MARKET IN MALAYSIA| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices were largely unchanged on Wednesday, as investors grappled with rising U.S. interest rates, although the metal drew some support from the dollar coming off a seven-week high. Comex gold futures were down 20 cents at $1,191.30 a troy ounce by 10:28AM ET. Meanwhile, spot gold was trading at $1,188.35 per ounce, down $1.50, or 0.1%. Yields on the benchmark 10-year Treasury bond rose to around 3.23%, after reaching a seven-year top of 3.261% a day earlier.
  • Crude prices edged lower on Wednesday, as investors watched Hurricane Michael, which has intensified to Category 4 storm and was barreling down on Florida. Some of the storm’s most significant early impact was to offshore energy production. U.S. producers in the Gulf cut oil production by about 40%, the Bureau of Safety and Environmental Enforcement said, as they evacuated personnel from 75 platforms in the region.
  • The world’s biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic. The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019, potentially leading to choppy trading.

ECONOMY NEWS

ECONOMY NEWS

  • The European Union should change its budget rules to make them more effective in bringing down public debts, EU fiscal advisers said in a report on Wednesday, urging the bloc to scrap deficit targets for countries where debt is falling. The publication of the report coincides with a row between Italy and Brussels over the country’s 2019 budget, in which the eurosceptic Italian government plans to flout EU fiscal rules to fulfill electoral promises of government largesse.
  • Despite thousands of jobs set to move to the continent due to Brexit, Britain’s financial services minister said on Wednesday he would do all he can to ensure the City of London remains a major financial center. John Glen told lawmakers that he agreed with Bank of England estimates that 5,000 financial services jobs will have moved to continental Europe by the time Britain is due to leave the European Union next March.
  • Sears Holdings Corp (O:SHLD) is preparing to file for Chapter 11 bankruptcy protection as early as Friday, sources said on Wednesday, casting doubt over the future of what was once the world’s largest retailer. Negotiations between Sears Chief Executive Officer Eddie Lampert and the company’s special board committee are at a standstill over the committee’s refusal to approve Lampert’s rescue plan, the sources said. The committee is concerned it will be opening the company up to litigation, one source said. Sears shares were down 27 percent at 43 cents. The stock, which traded above $100 a decade ago, has fallen to less than $1 in the past year.

11oct5

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10Oct

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices moved higher on Tuesday, pulling away from one-week lows as rising U.S. bond yields and concerns over the outlook for global growth soured market sentiment. December gold futures were up $3.20 or 0.27% to $1,191.8 by 10:30 AM ET (14:31 GMT) on the Comex division of the New York Mercantile Exchange. Prices settled at $1,184.40 on Monday, the lowest close since Sept. 28.
  • Crude prices nudged higher on Tuesday after companies operating in the Gulf of Mexico shut down nearly 20% of oil production as Hurricane Michael moved towards eastern Gulf states, including Florida. As Michael moved over open water, energy companies halted nearly one-fifth of Gulf of Mexico oil production and evacuated personnel from 10 platforms on Monday.
  • Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy. Top oil companies including Royal Dutch Shell (AS:RDSa), BP (L:BP) and Total(PA:TOTF) are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation.c

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Economic policymakers gathering in Indonesia for this week’s annual meetings of the International Monetary Fund and World Bank should highlight risks to the global economy posed by rising protectionism, the host nation’s finance minister said. The prospect of a further escalation in the trade war between the United States and China – the world’s two largest economies – will haunt finance ministers, central bankers and economists flocking to the resort island of Bali to attend the meetings, which begin on Thursday.
  • The recent jump in U.S. bond yields suggests there is uncertainty among investors over future economic growth prospects, Federal Reserve Bank of Dallas President Robert Kaplan said on Tuesday. The 10-year Treasury yield, which reached a fresh multi-year high on Tuesday, is “telling me that prospects for future U.S. growth are somewhat sluggish (and) that outward growth is looking a little more uncertain,” he said at the Economic Club of New York.
  • Turkey’s private sector has agreed to cut prices on its goods by at least 10 percent across the board, Finance Minister Berat Albayrak said on Tuesday, as he called on businesses to join a national struggle to tame soaring inflation. Berat Albayrak, President Tayyip Erdogan’s son-in-law, rolled out the measures as part of a “fully fledged fight” against inflation. The announcement appeared to leave financial markets cold, however. The lira weakened slightly as he spoke in Istanbul and was at 6.1484 at 1157 GMT, a touch weaker on the day.

COMEX GOLD SIGNAL

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9Oct

COMEX MARKET IN MALAYSIA| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices were lower on Monday as the greenback continued to rise on expectations of a Federal Reserve rate increase in December. Comex gold futures for December delivery fell 1.27% to $1,190.30 a troy ounce as of 10:05 AM ET (14:05 GMT),. The precious metal was pushed lower after the jobs report on Friday increased expectations that the Fed will raise rates.
  • Oil prices edged lower on Monday, after the U.S. said it may grant waivers to sanctions against Iran’s crude exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran. November West Texas Intermediate crude, the U.S. benchmark contract, shed 23 cents, or around 0.3%, to $74.11 a barrel at 10:00AM ET on the New York Mercantile Exchange.
  • Iran’s Oil Minister Bijan Zanganeh has dismissed as “nonsense” claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market. “(Mohammed) bin Salman’s remarks and such bragging can only satisfy (U.S. President Donald) Trump. No one else will believe him. Iran’s oil cannot be replaced by Saudi Arabia nor any other country,” Zanganeh was quoted as saying on his ministry’s website.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • India hopes to secure a waiver from U.S. sanctions on Iran before they take effect on Nov. 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday. The United States is imposing new sanctions on Iran’s oil industry after Washington withdrew from a nuclear deal between Tehran and other global powers. Washington said on Friday it was considering waivers for nations that were reducing imports of Iranian oil.
  • Emerging markets were “as prepared as they can be” for changes to U.S. monetary policy as the Federal Reserve had been as “transparent” as possible, St. Louis Federal Reserve Bank President James Bullard said in Singapore on Monday. Some emerging markets have come under pressure this year as rising U.S. interest rates have drawn investors away, and due to fears of fall out from an escalating tariff war between the United States and China.
  • Indonesia plans to use meetings between global finance ministers and central bank chiefs on the island of Bali this week to push for more clarity on the path of interest rates in advanced countries, the country’s central bank governor said on Monday. Indonesia and some other emerging economies have been hit hard as investors cut their risk appetite for assets amid a rise in U.S. interest rates and an intensifying trade war between Beijing and Washington.

GOLD TRADING FORECAST TODAY

For More information and daily updated KLSE stock picks, Comex signals, Forex signals Click here - http://www.epicresearch.my or Whatsapp us at +917312580605

5Oct

COMEX MARKET IN MALAYSIA| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Oil prices retreated from four-year highs on Thursday, a day after data pointing to the largest biggest build in U.S. crude stockpiles since March 2017 and reports that Russia and Saudi Arabia reached a private agreement last month to increase oil output. London traded Brent crude futures were down 0.44% to $85.90 a barrel from their last close, pulling back from the high of $86.74 reached Wednesday, the most since November 2014.
  • Gold prices rose to fresh two-week highs on Thursday as the dollar reversed early gains and U.S. stocks opened lower as a spike U.S. bond yields weighed, bolstering safe haven demand for the precious metal. December gold futures were up $4.90 or 0.4% to $1,207.70 by 09:59 AM ET (13:59 GMT) on the Comex division of the New York Mercantile Exchange, the highest since Sept. 24.
  • Oil prices on Thursday slipped from four-year highs reached the previous session, pressured by rising U.S. inventories and after sources said Russia and Saudi Arabia struck a private deal in September to raise crude output. Brent crude oil futures (LCOc1) were trading at $86.14 per barrel at 0651 GMT, down 15 cents, or 0.2 percent, from their last close. Brent on Wednesday hit a four-year high of $86.74 a barrel, lifted by expectations of a tightening market ahead of U.S. sanctions that will target Iran’s oil exports from next month.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Federal Reserve Vice Chair Randal Quarles said on Thursday the world’s central banks, including the Fed, risked “quite bad” outcomes if they let themselves be influenced by political considerations. “The outcomes of central banking, particularly in monetary policy, but also in financial regulation, can turn out to be quite bad if they are too subject to the political pressures of the moment,” Quarles said at a community banking conference in St. Louis.
  • The dangers linked to Brexit for Europe continue to be underestimated, European Central Bank policymaker Ewald Nowotny said on Thursday. “In Europe we have … the challenges emerging from Brexit,” Nowotny, who sits on the ECB’s Governing Council as the head of Austria’s central bank, told a conference on financial supervision.
  • European regulators need to be braced for financial market volatility if very clear progress is not evident in Brexit negotiations by November, Irish Central Bank Governor Philip Lane said on Thursday. “If in the coming weeks the probability of a hard Brexit goes up, that can be in itself damaging even if it ends up to be okay by the end of March (when Britain leaves),” Philip Lane, who is also a member of the European Central Bank’s Governing Council, told an Irish parliamentary committee.

GOLD TRADING FORECAST TODAY

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4Oct

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices held steady near two-week highs on Wednesday, remaining supported above the psychologically important $1,200 level even as fears over Italy’s budget woes faded, bolstering risk appetite. December gold futures were little changed at $1,207.9 by 09:39 AM ET (13:39 GMT) on the Comex division of the New York Mercantile Exchange. Prices of the yellow metal remained supported even after reports that Italy appeared to be revising its budget plans.
  • The aluminum market risks being thrown back into turmoil after the world’s largest refinery of a key raw material shut down. Norsk Hydro ASA said it will temporarily close the Alunorte alumina refinery in Brazil because of a long dispute over waste treatment. The plant was already running at just 50 percent capacity. The stoppage will increase the scarcity of alumina — a key ingredient for producing aluminum — and raising the possibility of higher metal prices filtering through the global supply chain, which would affect manufacturers like automakers and canned drink suppliers.
  • Russian President Vladimir Putin said his American counterpart’s Iran sanctions are largely to blame for current high oil prices. “President Trump considers that the price is high; he’s partly right, but let’s be honest,” Putin said at the Russian Energy Week conference in Moscow on Wednesday. “Donald, if you want to find the culprit for the rise in prices, you need to look in the mirror.”

COMEX GOLD SIGNAL

ECONOMY NEWS

  • European Union banks need access to London’s clearinghouses to manage the potential market turmoil of a no-deal Brexit, and lawmakers in Brussels should make sure they have it, according to the bloc’s financial watchdog. Steven Maijoor, chairman of the European Securities and Markets Authority, said a transitional access deal is needed so EU banks and trading venues aren’t cut off from firms such as LCH Ltd., the most important clearinghouse for euro denominated interest-rate swaps.
  • Banks doing business in Estonia, which has been at the center of a money-laundering scandal involving Danske Bank , handled more than $1 trillion in cross-border flows between 2008 and 2017, according to the country’s central bank. The European Union member country has been rocked by revelations that banks there laundered money from Russia, Moldova and Azerbaijan via non-resident bank accounts. The scandal has forced lenders in Estonia and neighboring Latvia to shut down.
  • The U.S. economy appears strong but eventually might face shocks such as a “political crisis” or an abrupt and difficult exit by Britain from the European Union, Richmond Federal Reserve President Thomas Barkin said on Wednesday. Barkin’s remarks come as economists and U.S. central bankers increase their focus on the prospects for a U.S. recession.

COMEX GOLD SIGNAL

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3Oct

COMEX MARKET IN MALAYSIA| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • OPEC delivered only a limited increase in oil production in September, a Reuters survey has found, as a cut in Iranian shipments due to U.S. sanctions offset higher output in Libya, Saudi Arabia and Angola. The 15-member Organization of the Petroleum Exporting Countries pumped 32.85 million barrels per day in September, the survey on Monday found, up 90,000 bpd from August’s revised level and the highest this year.
  • Husky Energy Inc’s (TO:HSE) hostile bid for MEG Energy Corp (TO:MEG) reflects the need for Canadian oil companies to own integrated assets, from production to refineries, to manage the deep price discounts on Canadian crude, Husky’s chief executive said on Monday. Husky’s cash and stock offer, announced on Sunday, would combine MEG’s heavy oil production with Husky’s output, pipeline space and refineries, in a deal valued at C$6.4 billion.
  • China will cut import tariffs on textile products and metals, including steel products, to 8.4 percent from 11.5 percent, effective Nov. 1, the finance ministry said on Sunday. Beijing has pledged to take steps to increase imports this year amid rising tension with some of its biggest trade partners, such as the United States. Earlier in July, China reduced import tariffs on a range of consumer items including apparel, cosmetics, home appliances, and fitness products to fulfil pledges to further open China’s consumer market.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Qatar has started proceedings against Saudi Arabia at the World Trade Organization (WTO), accusing it of intellectual property rights violations, Qatar’s economy ministry said on Monday. Part of Qatar’s concerns involve the blocking of Qatari broadcaster beIN in Saudi Arabia, the ministry said on its website, and accused Riyadh of refusing to take effective action against the piracy of beIN content in the kingdom.
  • Italian Finance Minister Giovanni Tria said on Monday he would seek to reassure his euro zone counterparts about Italy’s budgetary plans, adding that the country’s debt to GDP ratio will decline. “I will try to explain what is happening and our budgetary plans,” Tria told reporters. Asked about Italy’s budget debt, he replied: “Debt to GDP will go down.”
  • The Conservatives are meeting for day two of their annual conference in Birmingham, with the party divided on Theresa May’s blueprint for Brexit. Large parts of it have also been rejected by the European Union and according to a senior British official, the government is preparing to make a significant offer to the bloc to try to unlock negotiations.

COMEX GOLD SIGNAL

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