21Dec

Comex Trading Signals and Market News – 21 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold bounced on Friday off near six-year lows, erasing severe losses from a massive sell-off from the previous session as investors continued to digest the Federal Reserve’s historic decision to lift interest rates from record-lows earlier in the week. On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a broad range between $1,050.30 and $1,070.60 an ounce before settling at $1,065.00, up 15.40 or 1.47% on the session. A session earlier, gold futures slid by $25 an ounce in one of their worst sessions of the year, retreating back toward levels not seen since 2009.
  • U.S. crude futures extended losses from the prior two sessions on Friday to slump to fresh seven-year lows, as crashing oil prices showed little signs of stabilizing following a modest increase in domestic oil rigs last week.Energy traders also reacted to news that the U.S. Congress approved a sweeping $1.1 trillion spending bill, which includes the repeal of a four-decade ban on crude exports. The ban had been in place since 1975, when Congress approved the Energy Policy and Conservation Act to boost domestic supply in response to a global oil crisis started that had persisted for two years.
  • Copper prices were up 1.49% to Rs 309.10 per kg in futures trading today as speculators raised their bets, tracking a firm trend overseas.Besides, pick-up in demand from consuming industries supported the upside.At the Multi Commodity Exchange, copper for delivery in February month shot up by Rs 4.55, or 1.49% to Rs 309.10 per kg in business turnover of 12,249 lots. Likewise, the metal for delivery in far-month April contracts traded higher by Rs 4.25, or 1.37% to Rs 313.35 per kg in 265 lots.

ECONOMY NEWS :

  • The Federal Reserve will aim to keep the U.S. economy running hot next year to boost the job market and inflation, a top central banker said, and to achieve that goal interest-rate hikes will be slow but will not follow any predictable pattern.”Every meeting will truly be live in terms of adjusting policy one way or the other,” San Francisco Federal Reserve Bank President John Williams told Reuters in an interview, referring to the Fed’s policy-setting meetings. Fresh forecasts from the Fed suggest most policymakers are looking for four rate hikes next year, and Williams said his own view is in line with that expectation.
  • Germany’s public debt totaled EUR 2.02 trillion at the end of the third quarter, down by EUR 16.5 billion from the same period of last year, Destatis reported Friday. Public debt decreased 0.8 percent in the third quarter from a year ago. The debt of the Federation decreased by 1.2 percent, or EUR 15.1 billion, to EUR 1.26 trillion at the end of September .
  • Euro area current account surplus declined to a seasonally adjusted EUR 20.4 billion in October from EUR 30.1 billion in September, figures from the European Central Bank showed Friday. The surplus on trade in goods fell to EUR 26.8 billion from EUR 30.1 billion in the prior month. Likewise, the surplus on services slid to EUR 4.4 billion from EUR 4.5 billion. Primary income dropped to EUR 3.1 billion from EUR 5.3 billion and the shortfall on secondary income widened to EUR 14 billion from EUR 9.8 billion.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1070 TARGET 1075 1081 SL 1064
  • SELL GOLD BELOW 1060 TARGET 1055 1049 SL 1066

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