Daily Archives: October 10, 2014

10Oct

Comex Commodity Trading Signals and Market News – 10 October 2014

INTERNATIONAL COMMODITY NEWS :

Gold prices held nearly steady in Asia on Friday as investors weighed the prospects for a Federal Reserve rate hike in the coming year. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,224.40a troy ounce, down 0.02%, after hitting an overnight session low of $1,219.40 and off a high of $1,233.70. Gold prices firmed on the news, as the yellow metal has taken a pounding in recent sessions on speculation that interest rates were to set to rise sooner rather than later in 2015.

Natural gas prices edged lower on Thursday after weather-forecasting models called for seasonably mild temperatures to hold across much of the U.S., which should curb demand for both air conditioning and heating. On the New York Mercantile Exchange, natural gas futures for delivery in November were down 0.56% at $3.834 per million British thermal units during U.S. trading. The commodity hit a session low of $3.816, and a high of $3.940. The November contract settled down 2.58% on Wednesday to end at $3.855 per million British thermal units. Natural gas futures were likely to find support at $3.786 per million British thermal units, the low from Sept. 12, and resistance at $4.184, the high from Oct. 1.

Crude oil prices eased in early Asia on Friday as investors awaited fresh cues on demand prospects. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $84.69 a barrel, down 0.08%, after hitting an overnight session low of $86.25 a barrel and a high of $87.94 a barrel. Overnight, better-than-expected weekly U.S. claims numbers weakened oil prices on Thursday by strengthening the dollar. The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 4 fell by 1,000 to 287,000 from the previous week’s revised total of 288,000.

Copper futures edged lower during European morning trade on Wednesday, as worries about the strength of global growth drove down prices. On the Comex division of the New York Mercantile Exchange, copper for December delivery traded at $3.025 a pound during European morning hours, down 1.4 cents, or 0.45%. A day earlier, copper prices tacked on 0.3 cents, or 0.12%, to settle at $3.039. Futures were likely to find support at $2.991, the low from October 6, and resistance at $3.049, the high from October 1.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1225 TGT 1229,1235 SL 1220
  • SELL GOLD BELOW 1217 TGT 1213,1208 SL 1222

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10Oct
forex-trading3

IForex Market Trading Signals and News – 10 October 2014

TRADING TIPS :

  • Forex-Dollar slides lower as U.S. rate hike expectations subside.
  • Forex-Dollar slips vs. euro, yen after dovish Fed minutes.
  • Forex- GBP/USD remains near 1-week highs as BoE holds.

GBP/USD
GBP/USD hit 1.6216 during European morning trade, the pair’s highest since October 2; the pair subsequently consolidated at 1.6207, rising 0.25%. Cable was likely to find support at 1.6029, Wednesday’s low and resistance at 1.6251, the high of October 2.The dollar weekend broadly after the minutes of the Fed’s September 16-17 policy meeting released on Wednesday showed that a number of officials believe the bank’s current language painted the wrong picture on the timing of rate hikes and that an interest rate rise should be tied to U.S. economic progress. The report also showed that the U.S. central bank cut its growth outlook due to the higher dollar and concerns over global weakness

USD/JPY
USD/JPY remained near three week lows of 107.61 hit overnight, before pulling back slightly to trade a 107.79, down 0.23% for the day.Government data earlier showed that Japan’s core machinery orders rose 4.7% in August, more than the expected 1.1% increase, after a 3.5% gain in July. The dollar had rallied against the euro and the yen in recent months amid growing expectations that the Fed is growing closer to raising interest rates, while central banks in Japan and Europe are likely to stick to a looser monetary policy stance.The Bank of Japan left monetary policy unchanged at its policy meeting on Tuesday, but acknowledged that declining domestic demand as a result of a sales tax increase in April was leading to economic weakness.

RECOMMENDATION :

1. Buy GBP/USD Above 1.6245-TG:1.6265/1.6295 SL 1.6215
2. Sell GBP/USD Below 1.6177-TG:1.6157/1.6127 SL 1.6207

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