Daily Archives: September 12, 2014

12Sep

Comex Commodity Trading Signals and Market News – 12 September 2014

INTERNATIONAL COMMODITY NEWS :

Gold rebounded in Asia on Friday on physical demand prospects as holidays approach in India and buying picks up for expected year-end events as well. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded a $1,242.00 a troy ounce, up 0.24%, after hitting an overnight session low of $1,235.80 and off a high of $1,250.80.gold prices slipped as investors avoided the yellow metal ahead of the Federal Reserve’s statement on monetary policy meeting next week, which many bet will see further cuts to the U.S. central bank’s monthly bond-buying program. The December contract settled down 0.26% at $1,245.30 on Wednesday. Futures were likely to find support at $1,235.20 a troy ounce, the low from Jan. 23, and resistance at $1,279.20, last Thursday’s high.

Oil prices shot up on Wednesday after the U.S. said it would join its European allies and slapped fresh sanctions on Russia on accusation of meddling in the Ukraine conflict, which stoked fears a ceasefire could end and allow fighting to disrupt crude supply. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded up 1.39% at $92.95 a barrel during U.S. trading. New York-traded oil futures hit a session low of $90.46 a barrel and a high of $92.98 a barrel. The October contract settled down 1.16% at $91.67 a barrel on Wednesday. Nymex oil futures were likely to find support at $90.46 a barrel, the session low, and resistance at $93.94 a barrel, Tuesday’s high.

Natural gas prices took a dive on Thursday after data revealed U.S. stockpiles rose more than expected last week. On the New York Mercantile Exchange, natural gas futures for delivery in October were down 3.25% at $3.826 per million British thermal units during U.S. trading. The commodity hit a session low of $3.940, and a high of $3.993. The October contract settled up 2.79% on Tuesday to end at $3.984 per million British thermal units. Natural gas futures were likely to find support at $3.761 per million British thermal units, Monday’s low, and resistance at $4.016, Tuesday’s high. Injections of gas into storage have surpassed the five-year average for 21 consecutive weeks, alleviating concerns over tightening supplies.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1240 TGT 1244,1249 SL 1235
  • SELL GOLD BELOW 1230 TGT 1226,1221 SL 1235

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12Sep
forex-trading3

IForex Market Trading Signals and News of 12 September 2014

TRADING TIPS :

  • Forex-Dollar holds close to 14-month highs vs. rivals.
  • Forex-Euro steady near 3 week highs against Swiss franc.
  • Forex-NZD/USD hits fresh 7-month lows on RBNZ statement.

USD/JPY
USD/JPY hit fresh six year highs of 107.04 and was last up 0.08% at 106.94 as the diverging monetary policy stance between the Federal Reserve and the Japanese central bank continued to pressure the yen lower.A study by the San Francisco Fed published on Monday indicated that Fed officials see rates rising earlier than markets expect.The Fed is expected to cut its asset purchase program by another $10 billion next Wednesday, which would keep it on track for winding up the program in October, and to start raising interest rates sometime in mid-2015.The bank also lowered its inflation forecasts said it expects a further depreciation in the kiwi.

GBP/USD
GBP/USD was last trading at 1.6201, dipping 0.06% on the day. On Wednesday the pair fell to lows of 1.6050, theweakest since November, before recovering to 1.6208 in late trade.Cable was likely to find support at 1.6100 and resistance at around the 1.6280 level.The pound rebounded after a new opinion poll on Scottish independence on Wednesday showed that support for the no campaign was back in the lead with 53% of voters. The poll came after a number of recent polls indicated that support for Scottish pro-independence voters had increased ahead of the September 18 referendum.Uncertainty over what currency an independent Scotland would use, as well as concerns over how much of the U.K. national debt it would take on have sparked a broad based selloff in sterling in the past week.

RECOMMENDATION :

1. Buy USD/JPY Above 107.25-TG:107.45/107.75 SL 106.95
2. Sell USD/JPY Below 106.47-TG:106.27/105.97 SL 106.77

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12Sep
sgx 12 sep 14

Financial Sgx Singapore Stock Market Trading Picks And News – 12 September 2014

MARKET UPDATES :

  • INDONESIA’S central bank held the benchmark interest rate at 7.50 per cent on Thursday despite sluggish growth, in a bid to take pressure off its current account. Southeast Asia’s top economy in the second quarter posted its slowest growth rate in five years with inflation easing to 3.99 per cent in August, well within the bank’s target range. Prices had spiked on fuel-price hikes last year. But Bank Indonesia has resisted slashing rates to boost growth to prioritise its current account, which hit a near-record deficit of US$9.1 billion, or 4.27 per cent of GDP, in the second quarter of this year.
  • South Korea on Thursday proposed a tax hike as early as next year that would nearly double cigarette prices as the government tries to reduce one of the world’s highest smoking rates among adult males. The proposal, which needs to be approved by parliament, sent shares in dominant tobacco maker, government-backed KT&G Corp , down more than 5 per cent. It was also immediately criticised by the main opposition party, highlighting the difficulty in implementing anti-smoking regulations in a country where the health risks associated with smoking are not widely publicised.
  • MALAYSIAN shares closed lower on Thursday with the Kuala Lumpur Composite Index slipping 4.74 points to 1,866.11. Some 2.042 billion lots, valued at RM1.91 billion were traded. Losers outnumbered gainers 430 to 412.
  • CHINA’S auto sales reached 1.72 million vehicles in August, a rise of just 4.0 per cent compared with the same month a year ago, an industry group said on Thursday. In July, sales had climbed 6.7 per cent year-on-year to 1.62 million vehicles, previous figures showed. For the first eight months of the year, the country’s auto sales rose 7.7 per cent to 15.02 million vehicles, the China Association of Automobile Manufacturers said in a statement.
  • A run of weaker-than-expected inflation in the euro zone represents a risk to the European Central Bank’s long-term inflation expectations, Executive Board member Peter Praet told an Italian newspaper on Thursday. The inflation outlook for the euro zone forms the cornerstone of ECB monetary policy, and its medium-term goal is for annual inflation of just below 2 per cent. Last week it said the mid-term outlook had worsened in August, when inflation fell to just 0.3 per cent. “There is a risk that worsening short- term expectations will influence long-term expectations, especially if inflation continues to undershoot,” Praet said in an interview with financial daily Il Sole 24 Ore.
  • Hong Kong’s securities regulator said on Thursday that it had commenced legal proceedings against CITIC Ltd and five former directors for alleged market misconduct relating to foreign exchange contracts in 2008. The Securities and Futures Commission (SFC) said it had begun proceedings in Hong Kong’s Court of First Instance and the Market Misconduct Tribunal, in a bid to compensate up to 4,500 investors who had lost money as a result of the alleged misconduct.
  • Asian shares were mixed Thursday following a pick-up on Wall Street while China released data showing inflation remained tepid, fuelling hopes the government will announce fresh stimulus measures. The dollar held on to most of the gains against the yen in New York, sitting at a six-year high, while the pound rallied on easing concerns about Scotland’s independence vote and hawkish comments from the Bank of England on interest rates. Tokyo added 0.47 per cent, Hong Kong dipped 0.13 per cent and Shanghai put on 0.33 per cent, while Sydney was off 0.10 per cent and Seoul shed 0.20 per cent on its first day of trade this week after a public holiday.

STOCK RECOMMENDATION :

  • BUY NEPTUNE OIL ABOVE 0.975 TG 1.000, 1.030, 1.070 SL 0.940

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