5Jan

Comex Trading Signals and Market News – 05 January 2016

INTERNATIONAL COMMODITY NEWS :

  • Copper prices fell sharply on Monday, as the release of weak Chinese manufacturing activity data weighed as investors returned to the markets after the long New Year weekend. Copper traders view Chinese factory activity as an indicator of the nation’s copper demand, as the red metal is widely used by the sector. Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $11.50, or 1.08%, to trade at $1,071.70 a troy ounce during European morning hours.
  • Gold prices spiked higher on Monday, amid mounting geopolitical tensions in the Middle East after Saudi Arabia cut diplomatic ties with Iran over the weekend.The move followed a weekend storming of the Saudi embassy in Tehran in response to the kingdom’s execution of a prominent Shiite cleric.The Caixin manufacturing purchasing managers’ index for December released earlier slipped to 48.2 from 48.6 in November, contracting for a tenth month and coming in below expectations for 49.0.
  • Oil prices trimmed gains on Monday, the first trading day of the new year, after rising more than 3% earlier, with investors noting heightened geopolitical tension between Saudi Arabia and Iran.Saudi Arabia said on Sunday it severed diplomatic ties with Iran. The move followed a weekend storming of the Saudi embassy in Tehran in response to the kingdom’s execution of a prominent Shiite cleric. Crude oil for delivery in February on the New York Mercantile Exchange inched up 30 cents, or 0.8%, to trade at $37.34 a barrel during European morning hours.

ECONOMY NEWS :

  • The Federal Reserve’s interest rate hike last month was a prudent first step to a more normal policy era and it signaled the central bank’s confidence that the U.S. economy will continue to improve, a top Fed official said on Sunday.”I fully supported the … December action,” said Cleveland Fed President Loretta Mester, a somewhat hawkish policymaker who regains a vote on U.S. monetary policy this year. The U.S. central bank tightened policy for the first time in nearly a decade in mid-December, raising rates from near zero. The move was much anticipated but could yet rock financial markets as the Fed weighs when to make another move.
  • India will crack down on errant financial firms that raise funds, mainly from millions of rural poor customers, through loosely regulated credit cooperative societies, a senior official in the agriculture ministry said.This follows a Reuters investigation that revealed an expansion in fund-raising by embattled conglomerate Sahara India Pariwar using four credit cooperatives in different parts of the country.
  • China’s capital Beijing saw a small improvement in air quality last year, the city’s environmental protection bureau said on Monday, although levels of a major form of pollution remain several times higher than international standards.Beijing’s average concentration of PM2.5 – particulate matter with a diameter of 2.5 microns, which can penetrate deep into the lungs – fell 6.2 percent in 2015, the bureau said in a report posted on its websiteStill, average PM2.5 levels for the year were 80.6 micrograms per cubic metre, several times higher than the World Health Organization’s air quality guidelines, which call for an annual average no higher than 10 micrograms.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1063 TARGET 1068 1075 SL 1057
  • SELL GOLD BELOW 1068 TARGET 1063 1057 SL 1074

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