Comex Trading Signals and Market News – 12 January 2016


  • Gold prices held near the prior session’s nine-week high on Monday, as market players sought refuge amid heightened volatility in global stock markets. Chinese stocks markets plunged again on Monday, with the Shanghai Composite Index and the CSI300 Index both closing down more than 5% despite efforts by Beijing to stabilize the market.
  • Oil prices held near the lowest levels in more than a decade on Monday, as further turmoil in the Chinese stock market added to concerns over the Asian nation’s economy. The Shanghai Composite Index closed down 5.3%, the smaller Shenzhen Composite Index sank 6.6% and the CSI300 Index lost 5%, despite efforts by Beijing to stabilize the market.
  • Copper prices tumbled to the lowest level since April 2009 on Monday, as steep declines on Chinese stock markets dampened appetite for the red metal.Copper for March delivery on the Comex division of the New York Mercantile Exchange plunged 4.6 cents, or 2.28%, to trade at $1.970 a pound as of 08:00 GMT, or 3:00AM ET. It earlier fell to $1.966, a level not seen in more than six years.Meanwhile, three-month copper on the London Metal Exchange slumped 2.26% to $4391.25 a metric ton, the lowest since May 2009.


  • China will face great difficulty in achieving economic growth above 6.5 percent over the 2016-2020 period due to slowing global demand and rising labour costs at home, the China Securities Journal quotes a top state adviser as saying. Li Wei, president of the State Council’s Development Research Centre, made the comments at a conference over the weekend, the newspaper reported on Monday.
  • German industrial production dropped in November, indicating that the largest economy in Eurozone is still witnessing a patchy recovery. Industrial production, adjusted for inflation and seasonal swings, fell 0.3% in November from the previous month, the Federal Statistical Office said Friday. Another data showed that Germany’s adjusted trade surplus dropped to 19.7 billion euros in November from 20.6 billion in October. Exports contracted 0.4% on the month, though 1.6% jump in imports reflected steady domestic demand.
  • Consumer confidence in India slipped for the fourth consecutive month in December tothe lowest on record, as consumers reported a further deterioration in their personal finances and revised down their assessment of the business environment. Respondents sawlittle hope of a turn around 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 Consumer Indicator down on the month.


  • BUY GOLD ABOVE 1104 TARGET 1109 1115 SL 1098
  • SELL GOLD BELOW 1097 TARGET 1092 1086 SL 1103

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