6Jan

Comex Trading Signals and Market News – 06 January 2016

INTERNATIONAL COMMODITY NEWS :

  • Copper prices recovered from the prior session’s selloff on Tuesday, as sentiment improved after China’s central bank attempted to buoy markets with a $20 billion cash injection. The People’s Bank of China flooded its banking system with 130 billion yuan, or $19.95 billion, marking the largest cash injection since September.The move comes one day after a 7% plunge in Chinese stock markets, which rocked global financial markets and revived concerns about the country’s economic slowdown.
  • Crude oil prices reversed earlier gains on Tuesday, as gloomy Chinese data dragged on sentiment in a market already weighed down by persistently high production levels.Oil futures initially rose, tracking Asian stocks, but were later pulled down as data showed China’s national rail freight volumes logging their biggest ever annual decline in 2015, raising questions about how sharply the world’s No.2 economy was slowing and what this meant for oil demand.
  • Gold prices held near the prior session’s four-week high on Tuesday, as investors sought refuge amid instability in the Middle East and fresh concerns over global growth.Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $3.70, or 0.34%, to trade at $1,078.80 a troy ounce as of 9:45 GMT, or 5:45AM ET. A day earlier, prices rose to a session peak of $1,083.00, the most since December 9, before ending at $1075.20, up $15.00, or 1.41%.

ECONOMY NEWS :

  • India claims to be the world’s fastest-growing major economy, yet the government might break its budget deficit targets to stimulate demand, potentially undermining the central bank’s fight against inflation. Statistically, Asia’s third- largest economy is outpacing China with above 7 percent annual growth. But Prime Minister Narendra Modi’s economic advisers are complaining of a sharp slowdown that threatens their budget calculations.
  • British Prime Minister David Cameron will allow government ministers to campaign to leave the European Union in an upcoming referendum, the BBC reported on Tuesday without citing sources.Cameron is seeking to renegotiate the terms of Britain’s EU membership and says he wants to stay in a reformed EU. However, he says he rules nothing out if he can’t get key changes to Britain’s relationship with the bloc.
  • Eurozone consumer prices advanced 0.2 percent year-on-year in December, the same rate as seen in November, flash data from Eurostat showed Tuesday. Headline inflation has been below the European Central Bank’s target of ‘below, but close to 2 percent’ since early 2013. Excluding energy, food, alcohol and tobacco, core inflation held steady at 0.9 percent in December. Energy prices slid 5.9 percent, but slower than the 7.3 percent decrease seen in November.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1080 TARGET 1085 1091 SL 1074
  • SELL GOLD BELOW 1075 TARGET 1070 1064 SL 1081

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

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