4Feb

Comex Trading Signals and Market News – 04 February 2016

INTERNATIONAL COMMODITY NEWS :

  • West Texas Intermediate oil futures climbed back above the $30-level in Europe trade on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a slower pace than expected last week. The U.S. Energy Information Administration will release its weekly report on oil supplies at 15:30GMT, or 10:30AM ET, amid expectations for a gain of 4.8 million barrels.
  • Gold futures held steady near the prior session’s three-month high in Europe trade on Wednesday, as investors looked ahead to key U.S. data later in the day to gauge if the world’s largest economy is strong enough to withstand further rate hikes this year.The U.S. was to release the ADP jobs report for January at 13:15GMT, or 8:15AM ET, followed by the U.S. Institute of Supply Management’s report on service sector growth for January at 15:00GMT, or 10:00AM ET. Market players are also focusing on Friday’s U.S. nonfarm payrolls report.
  • Zinc futures rose by 1.46 per cent to Rs 115.05 per kg today as speculators increased positions in the midst of a strong trend globally. Besides high demand in domestic spot markets fueled the uptrend. Zinc futures for January 2016 contract at MCX were trading at Rs 115.05 per kg up by 1.46 per cent after opening at Rs. 114.35 against the previous closing price of Rs. 113.40.

ECONOMY NEWS :

  • European Council President Donald Tusk set out a plan on Tuesday for keeping Britain in the European Union to a mixed reception which underlined the challenges Prime Minister David Cameron faces convincing Britons they should stay in the bloc.Cameron mounted a strong defence of membership of the 28-nation bloc after Tusk released details of his plan following weekend talks, saying he would be ready to campaign to stay in the EU if the proposals won the backing of other EU countries.
  • The European Union aims to bring free trade negotiations with the United States towards a close by the summer, a necessary step if a deal is to be clinched before a change of president in the United States.The two sides are trying to agree on the Transatlantic Trade and Investment Partnership (TTIP), a free trade deal that could deliver economic benefits of more than $100 billion for both economies, each searching for growth in the face of a Chinese economic slowdown.
  • The Reserve Bank of India’s move to clean up balance sheets of commercial lenders is not aimed at reducing the risk- taking appetite of company owners, Governor Raghuram Rajan said on Wednesday.”We should not in any way reduce risk-taking in the economy,” Rajan said in an interview to ET Now television.The central bank has been urging banks to proactively clean up their balance sheets, including accounting for potential stressed assets. Rajan said this exercise is intended to put key stalled projects back on track and was not meant to penalise promoters.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1132 TARGET 1137 1143 SL 1127
  • SELL GOLD BELOW 1124 TAREGT 1119 1113 SL 1130

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