Comex Trading Signals and Market News – 17 February 2016


  • Gold futures tumbled below the $1,200-level in Europe trade on Tuesday, as safe-haven buying in the precious metal dried up amid a recovery in global equity markets.Gold for April delivery on the Comex division of the New York Mercantile Exchange fell to an intraday low of $1,191.50 a troy ounce, before paring some losses to trade at $1,199.80 by 08:45GMT, or 3:45AM ET, down $39.60, or 3.2%.
  • Silver futures retreated during noon trade in the domestic market on Tuesday as investors and speculators shunned safe haven assets in favour of high-yielding riskier assets such as stocks as a rebound in oil prices and hopes of a global central bank stimulus boost bolstered risk taking appetite.At the MCX Silver futures for March 2016 contract is trading at Rs 36900 per kg down by 0.51 per cent after opening at Rs 36900 against the previous closing price of 37088. It touched the intra-day low of Rs 36777.
  • Copper futures soared by 1 per cent during late morning trade in the domestic market on Tuesday as a pickup in new lending in China the world’s biggest metals consumer eased worries over the country’s economic slowdown lifting the demand outlook for Copper.New loans issued by China’s banks and financial institutions jumped to 2.51 trillion Yuan in January 2016 comfortably topping estimates of 1.9 trillion Yuan and above the 597.8 billion Yuan in the previous month.


  • The European Central Bank is ready to ease policy further in March, President Mario Draghi said on Monday, highlighting risks from financial market volatility, a global slowdown in growth and low oil prices. The ECB will examine risks emanating from weaker emerging market growth and look at whether plunging crude prices along with market turbulence could derail its efforts to boost inflation, Draghi told lawmakers in the European Parliament.
  • A loophole in Australian property rules has helped overseas developers invest what industry executives believe were record levels in the country in 2015, casting doubt over the efficacy of curbs intended to keep a lid on soaring prices. Newly built properties are exempt from rules on existing homes that restrict sales to foreigners,creating an opportunity for overseas investors to get into one of the world’s fastest growing housing markets.
  • The Bank of Japan said on Tuesday negative interest rates will apply to about 23 trillion yen ($201 billion) of total reserves, based on estimates of current account deposits held with the central bank in January. About 206 trillion yen of the deposits parked in BOJ accounts by financial institutions will be paid a 0.1 percent interest, while nearly 24 trillion yen will be charged zero interest rates, according to the BOJ’s estimate.


  • BUY GOLD ABOVE 1215 TARGET 1220 126 SL 1221
  • SELL GOLD BELOW 1208 TAGRET 1203 1197 SL 1214

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