Comex Signals

4Feb
gold-bars

Comex Trading Signals and Market News – 04 February 2016

INTERNATIONAL COMMODITY NEWS :

  • West Texas Intermediate oil futures climbed back above the $30-level in Europe trade on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a slower pace than expected last week. The U.S. Energy Information Administration will release its weekly report on oil supplies at 15:30GMT, or 10:30AM ET, amid expectations for a gain of 4.8 million barrels.
  • Gold futures held steady near the prior session’s three-month high in Europe trade on Wednesday, as investors looked ahead to key U.S. data later in the day to gauge if the world’s largest economy is strong enough to withstand further rate hikes this year.The U.S. was to release the ADP jobs report for January at 13:15GMT, or 8:15AM ET, followed by the U.S. Institute of Supply Management’s report on service sector growth for January at 15:00GMT, or 10:00AM ET. Market players are also focusing on Friday’s U.S. nonfarm payrolls report.
  • Zinc futures rose by 1.46 per cent to Rs 115.05 per kg today as speculators increased positions in the midst of a strong trend globally. Besides high demand in domestic spot markets fueled the uptrend. Zinc futures for January 2016 contract at MCX were trading at Rs 115.05 per kg up by 1.46 per cent after opening at Rs. 114.35 against the previous closing price of Rs. 113.40.

ECONOMY NEWS :

  • European Council President Donald Tusk set out a plan on Tuesday for keeping Britain in the European Union to a mixed reception which underlined the challenges Prime Minister David Cameron faces convincing Britons they should stay in the bloc.Cameron mounted a strong defence of membership of the 28-nation bloc after Tusk released details of his plan following weekend talks, saying he would be ready to campaign to stay in the EU if the proposals won the backing of other EU countries.
  • The European Union aims to bring free trade negotiations with the United States towards a close by the summer, a necessary step if a deal is to be clinched before a change of president in the United States.The two sides are trying to agree on the Transatlantic Trade and Investment Partnership (TTIP), a free trade deal that could deliver economic benefits of more than $100 billion for both economies, each searching for growth in the face of a Chinese economic slowdown.
  • The Reserve Bank of India’s move to clean up balance sheets of commercial lenders is not aimed at reducing the risk- taking appetite of company owners, Governor Raghuram Rajan said on Wednesday.”We should not in any way reduce risk-taking in the economy,” Rajan said in an interview to ET Now television.The central bank has been urging banks to proactively clean up their balance sheets, including accounting for potential stressed assets. Rajan said this exercise is intended to put key stalled projects back on track and was not meant to penalise promoters.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1132 TARGET 1137 1143 SL 1127
  • SELL GOLD BELOW 1124 TAREGT 1119 1113 SL 1130

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

3Feb
comex1

Comex Trading Signals and Market News – 03 February 2016

INTERNATIONAL COMMODITY NEWS :

  • Copper prices fell by 1.81 per cent on Monday as the release of weak Chinese manufacturing activity data underlined concerns over the health of the world’s second largest economy. Copper traders view Chinese factory activity as an indicator of the nation’s copper demand as the red metal is widely used by the sector. The official China manufacturing purchasing managers’ index fell to a three-year low of 49.4 in January from 49.7 a month earlier falling short of expectations for 49.6.
  • Natural Gas futures plummeted by over 3 per cent during noon trade in the domestic market on Monday as investors and speculators resorted to profit booking in the energy commodity after a spectacular rally on Friday and Thursday when upbeat supplies data which showed a hefty storage withdrawal coupled with forecasts for colder weather in the US in the first two weeks of February which bolstered the demand outlook for the heating fuel buoyed sentiment.
  • Gold futures rose to a fresh three-month high in Europe trade on Tuesday, amid growing skepticism over the Federal Reserve’s ability to raise interest rates as much as it would like this year.Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to an intraday peak of $1,131.00 a troy ounce, the most since November 3, before turning lower to trade at $1,125.50 by 07:50GMT, or 2:50AM ET, down $2.50, or 0.22%.

ECONOMY NEWS :

  • The Reserve Bank of India left the key repo rate steady at 6.75 percent, opting to wait until after the government’s annual budget statement at the end of February to decide on whether to cut interest rates further. of a post-budget rate cut have surfaced after Rajan said further room for rate cuts would open up if the forthcoming budget came up with structural reforms to help boost growth and contain inflation.
  • The European Central Bank is working on a plan to allow consumers to transfer money using their phone numbers or email addresses rather than a complicated bank account number, a senior bank official said.In an interview with RTL Nieuws broadcast on Monday, ECB executive board member Yves Mersch said the system would let a consumer link, for instance, her telephone number to her International Bank Account Number, or IBAN.
  • China’s central bank will inject 50 billion yuan (5.2 billion pounds)into the money markets through 14-day reverse bond repurchase agreements and an additional 50 billion yuan through 28-day reverse repos on Tuesday, traders said. PBOC also injected 10 billion yuan into the money markets through 28-day reverse repos on Monday in an off – schedule open market operation. Maturing reverse repos will drain a net 180 billion yuan from the banking system this week.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1127 TARGET 1132 1138 SL 1121
  • SELL GOLD BELOW 1120 TAREGT 1115 1109 SL 1126

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

29Jan
gold-bars

Comex Trading Signals and Market News – 29 January 2016

INTERNATIONAL COMMODITY NEWS :

  • Gold futures held near the prior session’s three-month peak in Europe trade on Thursday, after the Federal Reserve failed to offer clues on the timing of future rate hikes in its policy statement.As expected, the Fed kept interest rates unchanged at the conclusion of its policy meeting on Wednesday and said it was “closely monitoring” global economic and financial developments.
  • Oil prices struggled for direction in Europe trade on Thursday, amid doubts over the likelihood of a deal between Russia and OPEC producers to cut output happening anytime soon.Oil rallied on Wednesday as top OPEC and Russian oil industry officials stepped up vague talk of possible joint action to cut production and alleviate a global supply glut.
  • Natural Gas futures surged by more than 1.5 per cent in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for colder temperatures across parts of the US in the next two weeks bolstered the demand outlook for the heating fuel in the world’s biggest economy. Updated weather forecasting models called for cooler weather in the US through the middle of February boosting demand for gas-fired heating at offices and homes.

ECONOMY NEWS :

  • Japanese Economy Minister Akira Amari said on Thursday he was resigning to take responsibility for a political funding scandal that has rocked the government, but denied having taken bribes.In a packed news conference televised live, Amari acknowledged taking money from a construction company executive but said he told his aides to correctly record them as a political donation.
  • France and Iran hailed a set of business tie-ups and export deals on Thursday including the sale of dozens of Airbus planes and a car factory revamp that re-ignites a decades-old relationship between Tehran and car maker Peugeot. The deals, some of which were not yet finalised, were announced at a Franco-Iranian business forum attended by Iranian President Hassan Rouhani and a host of ministers and business leaders.
  • The British and Scottish governments announced a 250 million pound deal on Thursday to support the city of Aberdeen, hit hard by job losses in an oil sector ravaged by steep declines in the price of crude.The Aberdeen UK City Deal will help fund an expansion of Aberdeen harbour, necessary to allow local companies to bid for work in the oil and gas decommissioning sector, estimated to be worth 45 billion pounds by 2040.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1120 TARGET 1125 1131 SL 1114
  • SELL GOLD BELOW 1115 TARGET 1110 11104 SL 1121

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

28Jan
comex

Comex Trading Signals and Market News – 28 January 2016

INTERNATIONAL COMMODITY NEWS :

  • Oil futures fell on Wednesday, after a surprise rise in U.S. inventories wiped out the optimism that had built up the day before over the potential for the world’s largest exporters to cut output enough to stem a 19-month-long price slide. Another contraction in industrial profits in top commodities consumer China, along with caution before the outcome of the U.S. Federal Reserve’s first policy meeting of the year, knocked around $1 off the price of oil.
  • Gold futures fell from the prior session’s three-month peak in Europe trade on Wednesday, as investors were hesitant to push prices higher ahead of the Federal Reserve’s policy statement due later in the day. The Fed is widely expected to keep interest rates on hold at the conclusion of its two-day policy meeting later Wednesday after raising interest rates for the first time in almost a decade in December.
  • Copper futures surged by more than 2.5 per cent during late noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal after data showed that China imported a record amount of copper in 2015 signaling strong underlying demand for the metal in the world’s biggest copper consumer. Chinese inbound copper shipments jumped 34 per cent to 423181 tons in December 2015 from the same month a year ago.

ECONOMY NEWS :

  • Any shocks across countries could trigger destabilising debt flows similar to that seen in Ireland during its financial crisis, the head of the country’s central bank said on Wednesday.”Asymmetric shocks across countries may trigger pro-cyclical international debt flows, with households and firms in faster-growing countries tempted to borrow more, funded by outflows from slower-growing countries,” Philip Lane, who also sits on the European Central Bank’s Governing Council said.
  • Fund managers must give investors clarity on the quality of assets they hold and how these are likely to behave in stressed markets, Bank of England Deputy Governor Andrew Bailey said on Wednesday.Bailey, who heads the BoE’s Prudential (L:PRU) Regulation Authority, which supervises banks, said shrinkage in banking balance sheets and corresponding large growth in asset management since the financial crisis only made sense if two conditions were met.
  • The Federal Reserve is expected to leave interest rates unchanged on Wednesday and acknowledge that turmoil in financial markets threatens its upbeat view of the U.S. economy, leaving the chances of a March hike diminished but alive.All 69 analysts in a Reuters poll see the central bank keeping its key overnight lending rate in a range of 0.25 percent to 0.50 percent when it issues its policy statement following a two-day meeting. The decision is due at 2 p.m. EST (1900 GMT).

TRADING STRATEGY :

  • BUY GOLD ABOVE 1120 TARGET 1125 1131 SL 1114
  • SELL GOLD BELOW 1115 TARGET 1110 11104 SL 1121

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

27Jan
comex1

Comex Trading Signals and Market News – 27 January 2016

INTERNATIONAL COMMODITY NEWS :

  • Natural Gas futures ended lower in the domestic market on Friday even as a massive blizzard rocked the US East Coast bringing life to almost a standstill and raising hopes of a pickup in demand for the heating fuel in the world’s biggest economy.Cold temperatures tend to boost demand for gas-fired heating at offices and homes.
  • Copper futures fell in the domestic market on Monday as investors and speculators exited positions in the industrial metal amidst worries that demand from top consumer China may weaken in the coming days ahead of the Lunar New Year holidays when factories and businesses remain shut for a week due to festivities.
  • Oil prices fell 3 percent on Monday as Iraq announced record-high oil production feeding into a heavily over -supplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week. Brent crude (LCOc1), the global benchmark, was down 93 cents at $31.25 a barrel at 0955 GMT, losing 3 percent from its closing price on Friday, when Brent surged 10 percent.U.S. crude (CLc1) traded $1.02 lower at $31.17 a barrel.

ECONOMY NEWS :

  • Indian Prime Minister Narendra Modi said on Monday an intergovernmental deal had been signed to buy 36 Rafale combat jets from France, adding that the two countries would work to sort out financial issues on the deal. Modi was speaking after hosting French President Francois Hollande for talks in New Delhi. Earlier, Hollande had said that commercial talks would have to be wrapped up to close the deal first announced when Modi visited France last spring.
  • Federal Reserve officials are playing it cool for now, but roughly $2.5 trillion of stock market value wiped out in the past three weeks and a possible consumer pullback could throw the Fed off its course of gradual interest rate hikes. Policymakers continue to argue that the threat will pass, but the risk that the selloff will hit the main engine of U.S. economic growth – household spending – gets bigger the longer markets remain depressed.
  • The leaders of seven of Australia’s eight states and territories have called for the country to become a republic, reigniting a thorny debate ahead of a national holiday on Tuesday.Australia is a constitutional monarchy, with Britain’s Queen Elizabeth as head of state. The role is largely ceremonial, but the monarch does have the power to dissolve parliament, as in 1975, when Queen Elizabeth sacked the government.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1110 TARGET 1120 1135 SL 1099
  • SELL GOLD BELOW 1100 TARGET 1090 1075 SL 1112

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

22Jan
gold-bars

Comex Trading Signals and Market News – 22 January 2016

INTERNATIONAL COMMODITY NEWS :

  • West Texas Intermediate oil futures fell again in Europe trade on Thursday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a faster pace than expected last week. The U.S. Energy Information Administration will release its weekly report on oil supplies at 16:00GMT, or 11:00AM ET, Thursday.
  • Gold futures edged lower in Europe trade on Thursday, after rising to a more than one-week high in the prior session, as market players looked ahead to upcoming U.S. economic data as well as the European Central Bank’s policy statement amid ongoing concerns over the oil rout.Investors kept an eye on U.S. data due later in the session to gauge if the world’s largest economy is strong enough to withstand further rate hikes in 2016.
  • Copper futures rallied modestly during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in physical demand for copper in the domestic spot market. However worries that a worsening economic slowdown in China the world’s biggest metals consumer may curb the demand for the industrial metal trimmed gains in copper as China’s stock markets declined for a second straight day as traders seemed unsure over policymakers’ ability to manage an economic slowdown and tackle financial volatility.

ECONOMY NEWS :

  • International Monetary Fund chief Christine Lagarde on Thursday said China’s structural reform will be a “massive undertaking”.Largarde’s comments were made at a session at the World Economic Forum in Davos, seen in a video feed monitored by Reuters.She added that she does not think China will actually complete the reform undertaking in line with the criteria attached to its entry into the IMF’s special drawing rights basket.
  • The European Central Bank is likely to keep interest rates on hold when its policymakers meet on Thursday, even as a market crash, tumbling bank stocks and ebbing inflation set the stage for action later in the year. The meeting of the Governing Council comes shortly after it cut the deposit rate in December, increasing the charge on banks for parking money at the ECB, and expanded its purchase program to buy chiefly government bonds.
  • China and Egypt will sign 21 deals on Thursday including a $1 billion financing agreement with Egypt’s central bank and a $700 million loan deal with the state-owned National Bank of Egypt.Ministers from the two countries began signing the agreements, many of them memorandums of understanding, at a meeting in Cairo during a visit by Chinese President Xi Jinping.The deals span a raft of infrastructure investments including an agreement between Egypt’s Housing Ministry and a Chinese developer to work on the first phase of a new Egyptian administrative capital.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1103 TARGET 1108 1113 SL 1097
  • SELL GOLD BELOW 1097 TARGET 1092 1086 SL 1103

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

21Jan
comex1

Comex Trading Signals and Market News – 21 January 2016

INTERNATIONAL COMMODITY NEWS :

  • Gold futures pushed higher in Europe trade on Wednesday, as retreating oil prices, a weaker dollar and losses in global equity markets underpinned demand for assets perceived as safer.Global stock markets plunged as oil prices fell to fresh 13-year lows, adding to fears over the outlook for global growth. Japan’s Nikkei 225 entered a bear market Wednesday, whileHong Kong stocks hit a three-and-a-half year low.
  • West Texas Intermediate oil prices sank to a fresh 13-year low in Europe trade on Wednesday, as ongoing concerns over the strength of the global economy added to uncertainty about how quickly the global glut of crude is set to shrink.The International Monetary Fund cut its global growth forecasts for the third time in less than a year on Tuesday, citing a sharp slowdown in China , weak commodity prices and rising interest rates in the U.S.
  • Crude oil prices closed lower in the domestic market on Tuesday as investors continued to digest Iran’s historic return to global energy markets and reports of record annual demand in China while oil prices remained at near 12-year lows. Investors continued to react to Saturday’s Implementation Day announcement after a report from the International Atomic Energy Agency (IAEA) found that the Persian Gulf state completed the steps necessary to restrict its nuclear testing program.

ECONOMY NEWS :

  • Germany’s producer prices dropped 2.3 percent year-on-year in December, slower than the 2.5 percent decrease seen in November, Destatis reported Wednesday. But it was slightly faster than the expected rise of 2.2 percent. Producer prices have been falling since August 2013. Energy prices were 6.8 percent low compared with last December and prices of intermediate goods fell 2.2 percent. Month-on-month, producer prices slid 0.5 percent after easing 0.2 percent in November and 0.4 percent in October.
  • Australia consumer confidence declined again in January, the latest survey from Westpac Bank showed on Wednesday as its index slipped 3.5 percent to a score of 97.3. That follows the 0.8 percent contraction in December to 100.8. Among the individual components of the survey, family finances tumbled 9.4 percent to a six- month low, while the time to purchase a major household item slipped 1.7 percent.
  • The global unemployment rate will inch down to 5.7 percent in 2017 from 5.8 percent in 2014-16, helped by job creation in the U.S. and Europe, although a growing population means the total of number of unemployed people will rise, the International Labour Organization said a report.The ILO’s forecast for the unemployment rate to fall is more optimistic than it was a year ago, when the United Nations agency estimated it would remain at 5.9 percent from 2014 to 2017.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1095 TARGET 1100 1106 SL 1089
  • SELL GOLD BELOW 1090 TARGET 1085 1079 SL 1096

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

19Jan
gold-bars

Comex Trading Signals and Market News – 19 January 2016

INTERNATIONAL COMMODITY NEWS :

  • Gold prices struggled for direction in quiet trade on Monday, as market players continued to monitor movements in the U.S. dollar and global stock markets.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.1% to 99.08.Meanwhile, global equity markets were lower as oil prices fell below the $28-level to hit a fresh 13-year low, adding to fears over the outlook for global growth.
  • Copper prices bounced back from a new seven-year low in Europe trade on Monday, but gains remained limited amid ongoing concerns over the health of the global economy. The red metal is sensitive to the economic growth outlook because of its widespread uses across industries.
  • Brent oil futures fell below the $28-level to hit a fresh 13-year low on Monday, as international sanctions against Iran’s nuclear program were lifted over the weekend, opening the door to a wave of new oil and adding to concerns that a global glut will linger.Analysts say the country could quickly ramp up exports by around 500,000 barrels.

ECONOMY NEWS :

  • The Bank of Japan expressed disappointment at how slowly companies are raising pay despite a tightening job market, suggesting its readiness to expand stimulus if the recent market turmoil further delays wage hikes. But BOJ Governor Haruhiko Kuroda maintained his upbeat view on the economy and offered no clear signs that additional stimulus may be forthcoming this month.
  • Politicians and business leaders gathering in the Swiss Alps this week face an increasingly divided world, with the poor falling further behind the super-rich and political fissures in the United States, Europe and the Middle East running deeper than at any time in decades.Just 62 people, 53 of them men, own as much wealth as the poorest half of the entire world population and the richest 1 percent own more than the other 99 percent put together, anti-poverty charity Oxfam said on Monday.
  • India’s exports declined 14.75 percent in December from a year ago to $22.29 billion, data released by the Ministry of Commerce and Industry showed Monday. Exports decreased for a 13th consecutive month in December. At the same time, imports dropped 3.88 percent to $33.96 billion. Consequently, the trade deficit widened unexpectedly to $11.66 billion from $9.8 billion in November. During April to December, exports plunged 18.06 percent and imports by 15.87 percent, taking the trade shortfall to $99.2 billion.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1095 TARGET 1100 1106 SL 1089
  • SELL GOLD BELOW 1085 TARGET 1080 1074 SL 1091

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

18Jan
gold-bars

Comex Trading Signals and Market News – 18 January 2016

INTERNATIONAL COMMODITY NEWS :

  • Natural Gas futures plunged by more than 5 per cent in the domestic market on Thursday as investors and speculators shunned the energy commodity tracking a bearish trend in the overseas market as a smaller-than-expected storage withdrawal signaled weak demand for the heating fuel in the world’s biggest economy even amidst the peak winter season fueling concerns over high storage levels.
  • Copper prices fell by 0.54 per cent on Friday after the number of people who filed for unemployment assistance in the US rose unexpectedly last week signaling weak labor market in US world’s largest economy which reduced the demand for the metal. The US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending January 8 increased by 7000 to a seasonally adjusted 284000 from the previous week’s total of   277000.
  • Gold surged on Friday enjoying its strongest one-day move in six weeks, as a batch of soft U.S. economic data and further signals of weakness in China sent investors scurrying toward the safe-haven asset.On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a broad range between $1,076.00 and $1,097.20 an ounce before settling at $1,090.00, up 15.80 or 1.47% on the session.

ECONOMY NEWS :

  • The Federal Reserve was worried that leaks of its confidential discussions in 2010 exposed it to charges of insider trading and raised questions over its credibility, according to transcripts of meetings released on Friday.The transcripts showed that members of the Federal Open Market Committee discussed the implications of a 2010 Reuters story, which reported that an advisory firm headed by former Fed Governor Larry Meyer sent a note on Aug. 19, 2010 to clients with a breakdown of a policy-setting meeting held nine days earlier.
  • Bank of England Governor Mark Carney is unlikely to make many predictions for the coming year when he delivers  his first keynote speech of 2016 on Tuesday.Since taking over the central bank nearly three years ago, Carney has been wrong-footed on a number of occasions by the British economy’s twists and turns after the financial crisis.This may prompt him to tread carefully when he speaks at the University of London.
  • India’s market regulator raised gross open position limit amount for bank stock brokers in USD/INR derivative contracts to $1 billion from $100 million, an official release said on Friday.The limit stands at 15 percent of the total open interest or $1 billion, or whichever is higher, stated the Securities and Exchange Board of India (SEBI). “To maintain orderly conditions in the domestic foreign exchange market, and based on RBI’s recommendation, it has been decided to enhance the gross open position limits for bank stock brokers,” SEBI added.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1092 TARGET 1097 1103 SL 1086
  • SELL GOLD BELOW 1084 TARGET 1079 1073 SL 1090

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

15Jan
gold-bars

Comex Trading Signals and Market News – 15 January 2016

INTERNATIONAL COMMODITY NEWS :

  • Gold prices pushed higher for the second straight session on Thursday, as market players sought refuge amid steep declines in global stock markets.Global stock markets plunged as Brent oil prices fell to fresh 12-year lows, adding to fears over the outlook for global growth.Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $5.10, or 0.47%, to trade at $1,092.20 a troy ounce by 09:55GMT, or 4:55AM ET.
  • Brent oil futures fell further below the $30-level to hit a fresh 12-year low on Thursday, amid ongoing concerns over a global supply glut.Oversupply issue will be exacerbated further once Iran returns to the global oil market after western-imposed sanctions are lifted. Analysts say the country could quickly ramp up production by around 500,000 barrels, adding to the glut of oil that has sent prices tumbling.
  • Natural gas futures ended lower in the domestic market on Wednesday as market participants turned cautious ahead of the weekly US storage numbers due on Thursday which may signal the strength of the demand for the fuel in the world’s biggest fuel consuming nation.The EIA may show a dip of 170 billion cubic feet in US gas supplies in the week ended January 8 2016 after a 113 billion cubic feet withdrawal in the prior week and a five-year average decline of 178 billion cubic feet.

ECONOMY NEWS :

  • India Wholesale price inflation (WPI) measured a rate of -0.73% in December–retreating from -1.99% recorded in the previous month but still remaining in the negative zone for 14 months in a row, showed the official data released on Thursday. Food inflation in the wholesale price index (WPI) edged up for a fourth straight month to touch 8.17% in December, compared with 5.20% in November.
  • The Reserve Bank of India likely sold dollars through state-owned banks to stem the rupee’s fall after it plunged to a month low on Thursday, three FX traders told Reuters.At 0357 GMT, the Indian rupee INR=D2 was trading at 67.0950/1050 to the dollar, a level last seen on Dec. 15.The rupee was down tracking dollar strength against most Asian currencies after a rout in oil and commodity prices hit risk sentiment and heightened fears about the global economy. EMRG/FRX
  • The Bank of England looks likely to signal another delay in raising interest rates on Thursday thanks to a renewed oil price slump,sputtering wage growth and the approach of an unsettling vote on Britain’s European Unionmembership. Amid signs of a weakening in Britain’s economic recovery and doubts about how hard China’s slowdown will hit the world economy, some economists are pushing their forecasts for a first BoE rate hike to as far back as November.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1095 TARGET 1100 1106 SL 1089
  • SELL GOLD BELOW 1089 TARGET 1084 1078 SL 1095

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

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