5Jun

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

Comex Gold Signal

                                   Comex Gold Signal

Comex Gold signal

 

Comex Gold signal

 

INTERNATIONAL COMEX NEWS

  • Gold prices saw little movement in midmorning trade on Monday as worries over global trade seemed to balance out with expectations for a fast-approaching rate hike. At 10:38AM ET (14:38GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange edged forward 80 cents, or around 0.1%, to $1,300.10 a troy ounce.
  • Oil prices slumped lower on Monday amid worry of U.S. crude production and the possibility of supply increase from the Organization of the Petroleum Exporting Countries and non-OPEC members. Crude oil futures decreased 1.11% to $65.08 a barrel as of 10:33 AM ET (14:33 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., slumped 1.9% to $75.95. Prices have been held back by concern that supply will soon outstrip global demand for oil.
  • Canada’s cabinet on Monday discussed how to protect the domestic steel and aluminum industry from U.S. tariffs, just hours ahead of a scheduled meeting between Prime Minister Justin Trudeau and domestic industry leaders. U.S. President Donald Trump last week unveiled a 25 percent tariff on Canadian steel and a 10 percent tariff on aluminum, citing national security reasons.

ECONOMY NEWS

  • Protectionist trade measures could hit Mexican economic growth and inflation, Mexico’s central bank governor said in comments published by newspaper Reforma on Monday, in the wake of U.S. import tariffs on Mexico, Canada and the European Union. Mexico now faces new tariffs of 25 percent on steel and 10 percent on aluminum after temporary exemptions expired, prompting Latin America’s second biggest economy to slap tariffs on U.S. products such as pork and cheeses.
  • Prime Minister Justin Trudeau this week plays host to a summit of the Group of Seven leading industrialized nations with six of the seven members outraged at the United States over a slew of recent moves by President Donald Trump. This year’s meeting is likely to be overshadowed by Trump’s planned summit with North Korean leader Kim Jong Un, tentatively scheduled for June 12 in Singapore, where Pyongyang’s nuclear program is expected to be discussed.
  • France under President Emmanuel Macron has become one of the fastest-reforming countries in Europe but needs to be more detailed on how it will cut public spending, the International Monetary Fund said on Monday in its annual assessment. “With this ambitious pace of reforms, France has now become a reform leader in Europe,” the IMF said in a statement, adding that last year’s easing of the labor code should boost investment, jobs and growth.

Comex Gold Signal

Comex Gold Signal

4Jun

Forex Technical Analysis : NZD/USD

NZD/USD Technical Analysis: Recent Descent at Risk?

  • The New Zealand Dollar slowed down on the March 2009 line and is attempting is push higher
  • A morning star bearish inversion design still needs affirmation on the week after week graph
  • NZD/USD faces 0.7059, 0.7123 and 0.7187 next. Beneath it is 0.6930 and the pattern line

The New Zealand Dollar could be pointing higher against its US partner in the midst of caution signs on the month to month, week by week and day by day outlines. Beginning the with the first, on the quick diagram underneath, NZD/USD has now been subdued on numerous events in endeavors to push bring down since 2009. Associating these occasions together structures a rising pattern line from March 2009. The latest fizzled push was in May.

4-6-1

Zooming in, we investigate the week by week graph. Something intriguing has framed on the March 2009 line, a Morning Star. This is a bullish inversion designs. While it cautions that NZD/USD might turn higher, affirmation will be required as the example itself just shows uncertainty. Another week by week close higher could be only that. In the event that it will rise, the overwhelming downtrend since mid-April/lord May could be in danger.

4-6-2

Presently let us investigate the day by day outline to perceive what costs need to overcome to get us that affirmation. We simply had a nearby over the 23.6% Fibonacci retracement at 0.6979. From here, quick opposition is the 38.2% level at 0.7059. A push over that uncovered the half midpoint took after by the 61.8% retracement at 0.7187. The last is likewise firmly lined up with even help that kept NZD/USD hoisted for the initial four months of 2018. It could return to go about as new obstruction.

Then again, if the match falls underneath prompt help, at that point the 14.6% minor level could be the following focus at 0.6930. A break underneath that uncovered the March 2009 line took after by the May 16 low at 0.6850 (additionally the current 2018 low).

On the off chance that NZD/USD is in reality attempting to move in the days and even a long time ahead, the match may in the end up retesting the July 2017 dropping line. In the event that it flops, at that point maybe whatever remains of this current year could simply be NZD/USD solidifying amongst that and the March 2009 line.

4-6-3

4Jun

Stock Analysis : The KLCI Was Down 8.81 Points

Foreign investors have pulled out a total of RM5.83bil from Bursa Malaysia as foreign funds continued its selling spree. “For the month of May, foreigners withdrew RM5.83b net, the highest monthly outflow in 2018 thus far,” MIDF Research said in its weekly fund flow report. “Meanwhile, the year-to-date outflow from Malaysia is RM2.12bil or US$530.7mil net, which is still the lowest among the four Asean markets that we track,” the research house said. MIDF said Malaysian equities experienced the fifth week of foreign selling, the longest selling binge recorded so far this year. With foreign selling on every single day of the week, the selling streak has extended to 19 days, the longest since the 21-day binge in May to June 2015. MIDF said Monday’s attrition stood at RM216.5mil, a level which is normal at this juncture. However, foreign funds pulled out RM609.2mil.

The KLCI was down 8.81 points or 0.5% to 1,747.57. Turnover was 449.23 million shares valued at RM411.34mil. There were 206 gainers, 287 losers and 231 counters unchanged.
Asian shares edged up on Monday as strong US jobs data offset worries that tariff wars between the US and the rest of the world could drag global economic growth lower, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3% while Japan’s Nikkei rose 1%. At Bursa Malaysia, Tenaga fell 22 sen to RM14.28, PPB Group 20 sen to RM19.62 and KLCC 16 sen lower at RM7.69.


 

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1Jun

KLCI Was Down 5.38% Since January

The local bourse continued to retrace losses it had made earlier in the week as fears over Italy subsided and bargain hunters picked up cheap valuations.

At 12.30pm, the FBM KLCI was 15.44 points higher at 1,756.06. Turnover was 1.83 billion share with a value of RM1.26bil. There were 429 advancers versus 371 decliners and 367 counters unchanged. Maybank lifted the index with a 29 sen gain to RM9.95. CIMB rose 20 sen to RM6.10 and Public Bank added 16 sen to RM24.02. Petronas Chemicals advanced eight sen to RM8.13 while Genting put on 11 sen to RM8.90 and Genting Malaysia added seven sen to RM5.05. On the broader market, Time dotCom rose 51 sen to RM8.01 on the back of a positive financial result announced yesterday.  Allianz gained 34 sen to RM13.36 and Carlsberg put on 22 sen to RM20.08. Sliding in morning trade, Padini lost 28 sen to RM5.46, Aoen Credit dropped 20 sen to RM14.60 and Press Metal Aluminium fell 14 sen to RM4.57. Oil prices continued to be pressured by rising production and expectations of OPEC boosting output. WTI crude dropped 18 cents to US$66.86 a barrel while Brent crude slipped nine cents to US$77.47 a barrel. On the forex market, the ringgit was 0.1% lower against the greenback at 3.9840. It was 0.4% stronger against the pound sterling at 5.2840 and marginally higher against the Singapore dollar at 2.9750.

Bursa03-M

Blue chips ended the first day of June on Friday on a firmer note, as local fund buying of banks helped shore up the FBM KLCI while sentiment was also aided by the firmer key regional markets. At 5pm, the KLCI was up 15.76 points or 0.91% to 1,756.38 making it the best performer among the key Asian markets. However, after the two straight weeks of battering by foreign funds, the KLCI is down 5.38%  since January. Turnover was 2.88 billion shares valued at RM2.79bil – in sharp contrast with the all-time high of trading value of RM9.26bil on Thursday. The broader market was firmer with 560 gainers, 377 losers and 381 counters unchanged. On the external front, Hong Kong shares rose slightly as fears over a political crisis in Italy eased, Reuters reported. The Hang Seng index rose 0.1%, to 30,492.91, while the China Enterprises Index gained 0.4%, to 12,020. At Bursa, Maybank rose 38 sen to RM10.04 and powered the KLCI up 7.46 points while CIMB added 20 sen to RM6.10, Public Bank 14 sen to RM24 while AmBank and RHB Bank added three sen each to RM3.61 and RM5.37. Hong Leong Bank fell 18 sen to RM19 and HLFG 34 sen lower at RM18.56.

 

31May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

31may1

                                    Comex Gold Signal

31may2

INTERNATIONAL COMEX NEWS

  • Gold prices inched up on Wednesday, as political uncertainty in Italy continued. Comex gold futures for June delivery were up 0.12% to $1,300.60 a troy ounce as of 10:32 AM ET (14:32 GMT). The price of gold moved higher as Italy’s political crisis deepened. Last minute efforts to form a government seem unlikely, with the prospect of elections in July. Investors fear a snap election could become a de facto referendum on the euro.
  • Natural gas futures fell for the third day in a row on Wednesday, as weather forecasting models continued to predict that milder temperatures will cover the eastern part of the United States by the second week of June. That will likely limit early summer cooling demand for the fuel. Front-month U.S. natural gas futures slumped 2.7 cents, or around 1%, to $2.876 per million British thermal units (btu) by 9:30AM ET (1330GMT), sitting around its lowest since May 22.
  • OPEC’s plans to boost output have spooked oil market bulls, who are starting to seek protection at levels well below the current futures price in case the group delivers a rapid increase in production. Volatility – a gauge of demand for a particular option – has risen sharply for bearish sell options at around $67 a barrel that expire immediately after OPEC’s meeting with its partners that will run from June 22-23.

ECONOMY NEWS

  • Thousands of Jordanians heeded a strike call by unions on Wednesday to protest at major, IMF-guided tax rises they say will worsen an erosion in living standards. Unions declared the walkout earlier this week, warning the government that sweeping tax amendments sent to parliament this month would impoverish employees already hit by unprecedented tax hikes implemented earlier this year.
  • A European industry lobby told Prime Minister Theresa May on Wednesday the bloc and Britain needed trade “frictionless as with a customs union” after Brexit, adding to discussions in London on what future deal to seek. The European Round Table of Industrialists (ERT), which brings together around 50 European companies from Germany’s energy giant E.ON (DE:EONGn) to the Dutch publisher Wolters Kluwer (AS:WLSNc), also issued a warning during their meeting with May.
  • The Bank of Canada (BoC) decided to keep its benchmark interest rate unchanged on Wednesday. As expected, the BoC said it was holding its overnight cash rate steady at 1.25%. The bank rate is correspondingly 1.5% and the deposit rate is 1% The central bank has raised rates three times since July 2017, but has now taken no action for three consecutive meetings, as the economy has gotten off to a mediocre start in 2018 compared with last year’s robust growth rate.

31may4

30May
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Epic Research : Forex Market Insight

INTERNATIONAL CURRENCY BUZZ
Forex -US Dollar Rally, Euro Fall Continue as Crisis Fears Begin to Flare
Forex -Euro Bounces From Day’s Lows, Remains under Pressure
Forex -GBP/USD recovers a major part of early lost ground to 6 month lows

 

EUR/USD

The euro bounced off the worst levels of the day on Tuesday after comments by the leader of Italy’s Five Star political party calmed investors’ concerns over the prospect of an Italian exit from the euro zone. EUR/USD was trading at 1.1553 by 06:41 AM ET (10:41  AM  GMT),  still  down  0.58%  for  the  day  after  falling  as  low  as  1.1511  earlier, the weakest since July 20, 2017. The single currency found some support after Italy’s Five Star leader Luigi Di Maio said in comments on Facebook that he never sought a euro  exit.  The  comments  came  as Italian  bond  yields rose  rapidly  amid  a  deepening political crisis which sparked  fears over a euro zone breakup. Italy’s President Sergio Mattarella  blocked  the  nomination  of  a  euro  sceptic  finance  minister  on  Sunday,  prompting Italy’s populist parties to abandon their bid to form a coalition government  and  paving  the  way  for  fresh  elections  later  this  year.  Investors  fear  that  fresh elections  could  be  seen  as  a referendum on  Italy’s  role  in  the  European  Union  and may end up bolstering anti euro parties even more.

GBP/USD

The GBP/USD pair recovered around 80 pips from session lows and has now pared a major  part  of  its  early  steep  decline  to  6 month  lows.  The  pair  managed to  find  decent support near the 1.3200 handle, with a modest US Dollar retracement from the 95.00 neighborhood,  or  fresh  yearly  tops,  prompting  some  short covering  move amid  near term  oversold  conditions.  Meanwhile, possibilities  of  some  short term trading  stops  being  triggered,  on  a  sustained  move  back  above  mid 1.3200s,  could also be one of the factors behind the latest leg of sharp uptick over the past hour or so. It  would  now  be  interesting  to  see  if  the  pair  is  able  to  build  on  the  momentum and  jump  back  above  the  1.3300  handle  amid  uncetainty  surrounding  impending Brexit  talks. From  a  technical  perspective,  the  pair  is  rebounding  from  a  support marked by a short term descending trend channel formation on short term charts.

 

30

24May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

Comex Gold Signal

                                    Comex Gold Signal

Comex Gold Signal

Comex Gold Signal

INTERNATIONAL COMEX NEWS

  • Gold prices were lower on Wednesday, as investors looked ahead to the meeting minutes of the Federal Reserve and the dollar strengthened. Comex gold futures for June delivery were down 0.24% to $1,288.90 a troy ounce as of 10:34 AM ET (14:34 GMT). Investors are looking ahead to the latest meeting minutes from the Federal Reserve. Theminutes are set to be released at 2:00 PM ET (18:30 GMT). Investors will be looking closely for any sign of tightening monetary policy.
  • Sinopec, Asia’s largest refiner, will boost U.S. crude oil imports to an all-time high as China tries to reduce its trade deficit with the United States, two sources with knowledge of the matter said on Wednesday. The company’s trading arm Unipec has bought 16 million barrels, or about 533,000 barrels per day (bpd), of U.S. crude to load in June, they said, the largest volume ever to be lifted in a month by the company.
  • The natural gas market is in a coma. I don’t mean gas prices are low, per se; a market can be in the pits but still jump around like a frog in a sock from day to day. Rather, gas prices appear utterly unresponsive even to defibrillator-like stimuli. Consider April. Last month was the coldest April in 21 years. With all those boilers staying switched on, the Energy Information Administration estimates, preliminarily, that only 22 billion cubic feet of natural gas made it into storage for next winter – the smallest April injection in 35 years.

ECONOMY NEWS

  • The International Monetary Fund kept its forecast for Russian economic growth this year steady at 1.7 percent despite Western sanctions against Russia, the IMF said on Wednesday. The IMF’s mission chief to Russia, Ernesto Ramirez Rigo, said the sanctions imposed on Russia were not the only factor in the IMF’s calculation and that it also took into account oil prices that were currently higher than the fund expected.
  • The European Central Bank’s 2.55 trillion euro ($2.99 trillion)bond purchase program has achieved what it could and the bank can now afford to wind it down, Governing Council member Jozef Makuch told reporters on Wednesday. Makuch added that he was confident inflation would rise in the coming years and would hit the ECB’s elusive target of almost 2 percent in 2020-2021. “The crucial thing is that we are returning to normal, to normal policies,” he said.
  • President Donald Trump said a trade agreement with China may be “too hard to get done” and that the world’s two largest economies may need to change their framework for a deal. “Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion,” Trump said on Twitter on Wednesday.

Comex Gold Signal

24May

FBM KLCI Below The 1,800 Level

Foreign funds have battered the stock market and sent the FBM KLCI below the crucial 1,800 level early Thursday with more downside seen especially with the shocking RM1 trillion national debt.
The ringgit was unchanged against the US dollar in early trade Thursday the absence of fresh direction and on subdued demand for the local note, amid the firmer greenback, dealers said. 
OANDA Head of Trading in Asia-Pacific Stephen Innes said the ringgit remained mired in political risks as the market tried to understand the new government’s plan to deal with the fiscal deficit after repealing the Goods and Services Tax. Meanwhile, the local unit traded mixed against a basket of currencies. The ringgit weakened against the Singapore dollar to 2.9629/9677 from Wednesday’s 2.9606/9653, but appreciated against the yen to 3.6287/6340 from 3.6311/6369.

 

  main-qimg-5b70ffeffd2161888cd1103c76c3b669


MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while Japan’s Nikkei stock index was 0.6 percent lower.
A day after U.S. President Donald Trump said he was not pleased with trade talks between the United States and China, he called for “a different structure” in any trade deal. The move added to uncertainty over the negotiations and prompted a fall in stock markets.

  • The Dow Jones Industrial Average rose 0.21 percent to 24,886.81, the S&P 500 gained 0.32 percent to 2,733.29 and the Nasdaq Composite added 0.64 percent to 7,425.96.
  • The two-year treasury note yield, which rises with traders’ expectations of higher Fed fund rates, was at 2.5282 percent.
  • The yield on benchmark 10-year Treasury notes fell back below the 3-percent threshold to 2.999 percent, compared with its U.S. close of 3.003 percent on Wednesday.
  • Australian shares were 0.1 percent lower, extending losses into a sixth consecutive session on weak prices for iron ore and oil. New Zealand’s benchmark S&P/NZX 50 index was 0.4 percent higher.
  • U.S. crude was flat at $71.83 a barrel. Oil prices fell on Wednesday after an unexpected rise in U.S. crude and gasoline inventories.
  • Brent futures stood at $79.80 a barrel. Last week, the global benchmark rose above $80 for the first time since November 2014.
  • The most-traded iron ore futures on the Dalian Commodity Exchange closed 0.7 percent lower on Wednesday.
  • The dollar was down 0.25 percent against the yen to 109.78.
  • The euro was up 0.1 percent on the day at $1.1706. The dollar index, which tracks the greenback against a basket of six major rivals, was 0.1 percent lower at 93.894.
  • Emerging market currencies are in the spotlight after Turkey’s central bank raised interest rates by 300 basis points to support a plunging lira.
  • The bank, which had been scheduled to hold its next policy-setting meeting on June 7, said it had increased its top interest rate to 16.5 percent from 13.5 percent.
  • The lira has fallen about 20 percent so far this year to a series of record lows, but the currency reversed course after the central bank decision. It was last down 0.2 percent at 4.5790 to the dollar.
  • Gold was slightly higher. Spot gold was traded at $1295.51 per ounce.

 

22May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

Comex Gold Signal

                                                                                             Comex Gold Signal

Comex Gold Signal

Comex Gold Signal

INTERNATIONAL COMEX NEWS

  • Gold prices were paring losses in midmorning trade on Monday as investors evaluated mixed messages with regard to U.S. trade. At 10:33AM ET (14:33GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was down $3.70, or around 0.3%, to $1,287.60 a troy ounce, well off an intraday low of $1281.20. China and the U.S. agreed to halt imposing punitive import tariffs as negotiators set up a framework to address trade imbalances.
  • Brent oil prices fell on Monday, while U.S. crude oil prices continued to rise amid news of sanctions against Iran and the U.S. and China halting trade tariffs. Secretary of State Mike Pompeo said in an interview that the U.S. would demand major changes in Iran following America’s withdrawal from the nuclear deal, with the possibility of even tougher sanctions. The withdrawl from the Iran deal has left investors on edge, as Iran supplies about 4% of global oil.
  • Oil prices rose on Monday morning in Asia, boosted by news that China and the U.S. have put a looming trade war “on hold”. Crude Oil WTI Futures for June delivery were trading at $71.90 a barrel at 11:10PM ET (03:10 GMT), up 0.74%. Brent Oil Futures for July delivery, traded in London, were also up 0.74% at $79.09 per barrel.

ECONOMY NEWS

  • The U.S. and China declared a truce in their trade dispute over the weekend, but that will prove temporary if the world’s two largest economies fail to deliver on their vague commitments to re-balance trade. “We’re putting the trade war on hold,” Treasury Secretary Steven Mnuchin said Sunday after the two sides released a joint statement a day earlier. “Right now, we have agreed to put the tariffs on hold while we execute the framework.”
  • With about two weeks left until what may be the final deadline for a new Nafta this year, Mexico and Canada are signaling there’s a deal to be had — if President Donald Trump wants one. U.S. Treasury Secretary Steven Mnuchin, speaking in a Fox News interview on Sunday, said the Trump’s priority is getting a good deal, even if it means disregarding “any deadlines” to let current lawmakers approve on it. That would leave a vote to the next Congress, which Trump’s Republican Party may no longer control after November’s midterm elections.
  • Potential policy changes under a government being formed in Italy are creating a lot of nervousness but it is necessary to wait to see what is put in practice, ECB governing council member Ewald Nowotny said on Monday. “It is something that creates a lot of nervousness, but of course on the other hand one has to wait. We do not see the effect of measures, we don’t see what really comes out of it,” he said a conference in Prague.

Comex Gold Signal

21May
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Euro Forecast

21-5

Crucial Forecast for EUR/USD: Neutral

- The Euro devalued against the majority of the other seven noteworthy monetary forms, with EUR/CHF (- 1.64%) and EUR/USD (- 1.45%) driving the decrease.

- The preparatory May Eurozone PMI readings aren’t set to enhance, giving little explanation behind the Euro’s downtrend to end.

- The IG Client Sentiment Index is by and by proposing to offer EUR/USD after late moves in theoretical situating.

The Euro was the most exceedingly bad performing real cash a week ago, with EUR/CHF (- 1.64%) and EUR/USD (- 1.45%) driving the decrease. A modification lower to the last April Eurozone CPI report combined with signs that the United States would stay away from noteworthy exchange question with China sapped interest for the low yielding Euro.

Simultaneously, the essential background for the Euro remains rather feeble. The Citi Economic Surprise Index, a check of financial information force, shut a week ago at – 91.7, still somewhere down in a negative area (albeit no longer at its weakest perusing since September 2011). This is a slight change from seven days back (- 97.9) yet not over the previous month (- 90.0).

Swelling desires aren’t showing improvement over information force, both of which have been consistently disintegrating lately. The 5-year, 5-year expansion swap advances completed Friday at 1.702%, down from 1.714% seven days sooner. Swelling desires topped for this present year on January 22, when the 5-year, 5-year rate was 1.774%.

No doubt this would be tantamount to a period as ever for swelling desires to turn higher (in the event that they mean to in the close term), given that Brent raw petroleum costs having been mobilizing and Euro quality isn’t as articulated as it once might have been (Euro exchange weighted file is just up +4.77% from a year sooner; a month prior, it was nearer to +9%).

The week ahead guarantees couple of chances for the bearish account that has concealed the Euro in the course of recent weeks to vanish. Remotely, any determination to the implied China US exchange war would apparently be US Dollar positive, reflecting the underlying negative response to when the exchange collaboration ended up stressed.

Inside, the main noteworthy information due out are the underlying May PMI readings. The blend of individual nation discharges toward the beginning of the week will come full circle in stale readings in the combined Eurozone PMIs due out on Wednesday (no change or decreases are expected). Somewhere else, political hazard is on the ascent now that Italy has another administration: Italian security yields and credit default swap spreads have been ascending since the news broke toward the beginning of May.

In conclusion, there is as yet a striking net-long Euro position in the fates showcase. Examiners still held +115.1K contracts during that time finished May 15, a – 24% decay from the untouched high set amid the week finished April 17 (+151.5K contracts). While this is turning into a less troublesome a circumstance for the Euro, the easiest course of action for the Euro stays towards shortcoming if situating trimming proceeds.

 

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