Comex Trading Signals and Market News – 19 February 2016


  • Oil rose towards $35 a barrel on Thursday after Iran welcomed plans by Russia and Saudi Arabia to freeze output and an industry report showed a surprise drop in U.S. inventories.The gain added to a more than 7 percent surge in the previous session, which came even though analysts said the market had overreacted to Iran’s support for the caps and the Russian-Saudi move would not likely reduce the global surplus.
  • Gold futures edged lower in Europe trade on Thursday, but held above the $1,200-level amid indications the Federal Reserve could slow the pace of U.S. interest rate hikes.Gold for April delivery on the Comex division of the New York Mercantile Exchange shed $4.10, or 0.34%, to trade at $1,207.30 by 08:55GMT, or 3:55AM ET.
  • Natural Gas futures surged by over 2 per cent in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as short-term weather forecasts suggested cooler weather across parts of the US bolstering the demand outlook for the heating fuel in the world’s biggest gas consuming nation.About 49 per cent of US households use natural gas for heating purposes.


  • Bank of England Deputy Governor Jon Cunliffe said on Thursday he had seen nothing to justify market moves in the last month that have pushed back expectations for the BoE’s first interest rate hike towards the end of the decade. Cunliffe said market pricing of the BoE’s first rate hike had been pushed out by two years compared with only a month ago, into the second quarter of 2019.
  • International lenders are concerned with the quality of reforms in Greece, in exchange for which Athens is getting loans, the chairman of euro zone finance ministers Jeroen Dijsselbloem told the European Parliament’s economic committee on Thursday.Dijsselbloem said that while politically difficult for the Greeks, the government still needed to implement a reform of the pension system and tackle a number of fiscal issues as agreed under a first batch of reforms.
  • India is preparing to pump in a higher-than-anticipated capital sum into poorly performing state banks, government sources said, a move that could see New Delhi infuse as much as $34 billion additionally and make it harder to hit planned deficit targets.Prime Minister Narendra Modi’s government in August pledged to put in 700 billion
    rupees ($10.2 billion) into state-run banks through four years to March 2019 as part of a broader banking reforms
    programme It had then said the lenders would raise another 1.1 trillion rupees from the financial markets.


  • BUY GOLD ABOVE 1210 TARGET 1215 1221 SL 1204
  • SELL GOLD BELOW 1200 TAGRET 1195 1189 SL 1230

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