24Dec

Comex Trading Signals and Market News – 24 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold prices struggled for direction in light pre-holiday trade on Wednesday, as investors looked ahead to key U.S. economic data later in the session for further indications on the strength of the economy.Gold for February delivery on the Comex division of the New York Mercantile Exchange shed 30 cents, or 0.03%, to trade at $1,073.80 a troy ounce during European morning hours. A day earlier, gold dipped $6.50, or 0.6%, snapping a two-day rally.
  • West Texas Intermediate oil futures extended gains from the previous session to hit a one-week high on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell last week. After markets closed Tuesday, the American Petroleum Institute, an industry group, surprised market participants and said that U.S. oil inventories fell by 3.6 million barrels in the week ended December 18, compared to expectations for a gain of 1.0 million barrels.
  • Copper traded near five-week highs amid speculation that Chinese producers will scale back production to combat falling prices.Copper is on track to post an annual decline of 26% in 2015 as fears of a China-led global economic slowdown spooked traders and rattled sentiment. The Asian nation is the world’s largest copper consumer, accounting for nearly 45% of world consumption.

ECONOMY NEWS :

  • Some U.S. cities may have to pay higher interest rates to borrow money in 2016 as they contend with a host of new pressures on their underfunded public pensions, including new reporting rules and the impact of this year’s tepid investment returns.The recession-era ghost of public pensions problems will continue haunting the $3.7 trillion U.S. municipal bond market next year, investors and analysts told Reuters.
  • The Indian government said it was difficult to predict a timeline for the passage of a bill that seeks to harmonise state taxes after lawmakers failed to vote on the measure in the parliament session that ended on Wednesday.Junior finance minister Jayant Sinha said the rollout of the new tax was contingent on the passage of the bill.”We will have to see how the legislative calendar develops,” he said. “It’s very hard to predict how soon that will happen.”
  • A closely followed measure of long-term market euro zone inflation expectations fell to its lowest level since October on Wednesday, pushed down by this week’s sharp fall in oil prices to 11-year lows.The five-year, five-year breakeven forward <EUIL5YF5Y=R>, a measure of where markets expect 2025 euro zone inflation forecasts to be in 2020, fell to 1.6625 percent, although yields in the broader euro zone bond market were largely steady.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1075TARGET 1080 1086 SL 1069
  • SELL GOLD BELOW 1065 TARGET 1060 1054 SL 1061

For more information about Commodity market trading or Comex Signals, please visit EPIC RESEARCH PTE LTD.

Share this Story

About epicsingapore

Leave a Reply

Your email address will not be published. Required fields are marked *

*

© Copyright 2013, All Rights Reserved, Epic Research Pvt. Ltd.