Daily Archives: February 9, 2016

9Feb

Comex Trading Signals and Market News – 09 February 2016

INTERNATIONAL COMMODITY NEWS :

  • Crude oil futures rose on Monday in thin trade as many Asian markets were on holiday for Lunar New Year, with few trading cues expected until Federal Reserve Chair Janet Yellen gives testimony to lawmakers later in the week. Global benchmark Brent futures (LCOc1) were up 17 cents at $34.23 at 0751 GMT.They fell 40 cents to $34.06 a barrel on Friday.U.S. crude futures (CLc1) rose 18 cents to $31.07, after falling 83 cents to $30.89 on Friday. Both contracts had dropped slightly earlier on Monday in see-saw trade on low volumes.
  • Gold futures stayed near a three-month high in Europe trade on Monday, amid growing uncertainty over the Federal Reserve’s ability to raise interest rates as much as it would like this year.Gold for April delivery on the Comex division of the New York Mercantile Exchange ticked up $7.80, or 0.67%, to trade at $1,165.50 a troy ounce by 07:50GMT, or 2:50AM ET. On Friday, gold rallied to $1,175.00, the most since October 28, before falling back to close at $1,157.70, following the release of a mixed U.S. employment report for January, with the rate of job creation slowing but wage growth accelerating.
  • Natural Gas futures surged almost 5 per cent in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity as the sharp losses in recent sessions offered a good bargain buying opportunity in the fuel at existing levels for investors and speculators.Gas prices have been hit by fears that warmer than average temperatures across parts of the US through mid-February may curb the demand for gas-fired heating at offices and homes in the world’s biggest gas consuming nation.

ECONOMY NEWS :

  • India will release data on Monday showing it remains one of the fastest growing economies in the world, but economists are struggling to reconcile that rosy picture with ground realities like weak exports, investment, and flat corporate order books. The median estimate from a Reuters poll of economists put GDP INGDPQ=ECI annual growth at 7.3 percent in the quarter through December, just below 7.4 percent in July-September.If the data comes in line with expectations, it would be faster than 6.8 percent growth posted by China in the same quarter.
  • Australian Prime Minister Malcolm Turnbull on Monday ruled out a rise in the Goods and Services Tax (GST) under pressure from within his own party, further raising the possibility that he may dissolve parliament and call a snap election. The decision severely hampers the government’s ability to include significant tax cuts of the kind beloved by voters in the May budget due to be released just months ahead of general elections expected for September or October.
  • Global markets have been in turmoil since the start of the year, with stocks and commodities prices reeling, eroding inflation and making central banks increasingly dovish – a trend that could continue with more weak economic data. China, a focus of much of the recent market concern, released foreign reserves data on Sunday which showed the central bank dumped dollars to defend the yuan and prevent an increase in capital outflows. country’s foreign reserves fell $99.5 billion to $3.23 trillion in January, the lowest level since May 2012, central bank data showed.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1175 TARGET 1180 1188 SL 1164
  • SELL GOLD BELOW 1163 TAGRET 1158 1150 SL 1180

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

9Feb
forex-trading3

IForex Market Trading Signals and News – 09 February 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -AUD/USD rises but gains seen limited
  • Forex -NZD/USD edges higher in late trade
  • Forex – Dollar higher against yen, euro steady

EUR/USD
The shared currency has quickly reverted the advance to the 1.1180 area vs. the dollar, with EUR/USD now dropping to session lows near 1.1120.The greenback has now gathering further pace and testing daily highs when measured by the US Dollar Index, rapidly sending spot lower and forcing the euro to fade the earlier spike to the boundaries of 1.1200 the figure.In the meantime, the current slump of crude oil prices continue to weigh on sentiment, exacerbated by a negative performance of European equities.On the data front, Investor’s Confidence tracked by the Sentix index has missed expectations for the current month, while the Fed’s Labor Market Conditions Index is due later in the NA session. The pair is now retreating 0.20% at 1.1127 and a breach of 1.1054 (200-day sma) would open the door to 1.0959 (100-day sma) and finally 1.0888 (55-day sma). On the flip side, the next up barrier lines up at 1.1246 (high Feb.5) ahead of 1.1496 (high Oct.15) and finally 1.1713 (post- PBoC high Aug.24).

GBP/USD
The sterling is intensifying its bearish tone today, now rapidly dragging GBP/USD to visit the 1.4400 neighbourhood. The pair shed more than a cent since today’s peaks in the 1.4550 area in response to a better sentiment surrounding the US dollar, which has managed to revert the initial offered tone. The British pound remains under pressure despite last week’s recovery, all against the back- drop of ‘Brexit’ concerns, a dovish BoE and expectations of a rate hike later than initially estimated. As of writing the pair is down 0.64% at 1.4408 with the next support at 1.4353 (23.6% Fibo of 1.5240-1.4079) followed by 1.4147 (low Jan.29) and then 1.4079 (low Jan.20). On the other hand, a breakout of 1.4670 (high Feb.4) would aim for 1.4706 (55-day sma) and finally 1.4796 (61.8% Fibo of 1.5240-1.4079).

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4470 TARGET 1.4490 1.4520 SL 1.4445
  • SELL GBP/USD BELOW 1.4390 TARGET 1.4370 1.4345 SL 1.4415

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