Comex Trading Signals and Market News – 29 September 2015


  • Oil prices fell on Monday, paring some of last week’s 2 percent rally, despite evidence of slowing U.S. production and a fourth  weekly increase in U.S. investor holdings of crude futures .High oversupply and concern about demand growth in key areas of consumption such as emerging markets have stripped 50 percent off the value of a barrel of oil over the last year and kept the price below $50 a barrel for most of the past nine weeks.
  • Gold prices dropped in European morning hours on Monday, as expectations for a U.S. rate hike in the near future continued to weigh on the precious metal and as investors eyed speeches by several Federal Reserve officials scheduled later in the day. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery lost 0.72% to $1,137.30.
  • Crude oil prices dipped in Asia on Monday as investors took advantage of U.S. gains last week .On the New York Mercantile Exchange, crude oil for delivery in November fell 0.98% to $45.25 a barrel. Crude oil prices have been under heavy selling pressure in recent months, as ongoing worries over the health of the global economy fueled concerns that a global supply glut may stick around for longer than anticipated.


  • The Reserve Bank of India is expected cut its key repo rate to a four-year low on Tuesday to help support the domestic economy at a time when consumer inflation is at a record low, but may express caution about easing further as price risks still loom. A Reuters poll last week showed 45 of 51 economists expect the RBI to cut the repo rate INREPO=ECI by 25 basis points to 7.00 percent, its lowest since May 2011. The RBI has already eased the policy rate by 75 bps so far this year.
  • The European Central Bank has found that a number of banks under its watch do not comply with international governance best practices, such as separating the audit and risk functions, an ECB executive board member said on Monday. “Our initial findings indicate that a number of banks, while meeting national requirements, do not comply with international best practices with regard to governance,” Sabine Lautenschlaeger, who represents the ECB’s supervisory arm on the bank’s board, said in remarks for a speech to be delivered in Milan.
  • A flurry of planned appearances this week by Federal Reserve officials began on Monday, but conflicting views by policymakers raised more questions about the U.S. central bank’s ability to manage its message at a critical juncture. William Dudley, head of the New York Fed, and John Williams, head of the San Francisco Fed, both signaled the likelihood of an interest rate hike this year, as they cited expectations of the inflation rate moving up toward the Fed’s 2 percent target.


  • BUY GOLD ABOVE 1134 TARGET 1139 1145 SL 1128
  • SELL GOLD BELOW 1128 TARGET 1123 1117 SL 1134

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