Comex Trading Signals and Market News – 11 January 2016


  • Gold prices slid lower in European morning hours on Friday, pulling away from a two-month peak as the U.S. dollar regained some ground after the People’s Bank of China set a higher yuan guidance rate for the first time in nine days. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.71% at $1,099.90.The February contract ended Thursday’s session 1.46% higher at $1,049.60 an ounce.
  • Copper futures advanced during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal as China’s decision to refrain from further weakening of the Yuan eased concerns over the health of the world’s second biggest economy lifting the demand outlook for industrial metals. China is the world’s biggest metals consumer making up for more than 40 per cent of global copper consumption.
  • Natural Gas futures soared in the domestic and overseas market on Thursday as investors and speculators booked fresh positions in the energy commodity as a bigger than expected dip in US storage levels last week signaled a pickup in heating demand for the fuel as cold weather resulted in higher consumption of gas-fired electricity at offices and homes in the world’s biggest economy.


  • China’s major stock indexes rose strongly on Friday after Beijing ditched a circuit breaker mechanism that halted trading twice this week and had been blamed for exacerbating the market sell-offs it was designed to limit. The People’s Bank of China also raised its guidance rate for the yuan for the first time in nine trading days, having allowed the currency’s biggest fall in five months on Thursday, sending shivers through regional currencies and global stock markets as investors feared it would trigger competitive devaluations.
  • Consumer confidence in India slipped for the fourth consecutive month in December tothe lowest on record, as consumers reported a further deterioration in their personalfinances and revised down their assessment of the business  environment. Respondents sawlittle hope of a turnaround either, with expectations for the future falling sharply. The MNI India Consumer Sentiment Indicator fell 4.6% to 108.5 in December from113.7 in November. The decline was broad-based with all five components of the ConsumerIndicator down on the month.
  • Japan’s leading index, which measures the future economic activity, fell to 103.9 in November from 104.2 in the previous month, preliminary figures from the Cabinet Office showed Friday. In September, the score was 102.4. The coincident index that indicates the current economic activity also dropped to 111.6 in November, in line with expectations, from 113.3 in October. The latest reading was the lowest since March 2015, when it marked 111.1. The lagging index that reflects the past economic activity, came in at 115.0 in November, down from 115.4 in the preceding month.


  • BUY GOLD ABOVE 1105 TARGET 1110 1116 SL 1098
  • SELL GOLD BELOW 1096 TARGET 1091 1085 SL 1102

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