23Feb

Comex Trading Signals and Market News – 23 February 2016

INTERNATIONAL COMMODITY NEWS :

  • Gold futures were down sharply in Europe trade on Monday, as the metal’s safe-haven appeal was dented amid a recovery in oil prices and global equity markets.Gold for April delivery on the Comex division of the New York Mercantile Exchange tumbled by as much as $24.90, or 2.02%, to hit an intraday low of $1,205.90, before recovering slightly to $1,209.10 by 09:10GMT, or 4:10AM ET, down $21.70, or 1.76%.
  • Oil prices rose on Monday as a fall in U.S. oil drilling rig numbers lifted the prospect of lower crude production and a bounce in stock markets encouraged buying sentiment.U.S. crude futures (CLc1) rose above $30 a barrel, gaining 95 cents to $30.59 a barrel by 0956 GMT, or 3.2 percent. International benchmark Brent (LCOc1) was up 89 cents at $33.90 a barrel.
  • Natural Gas futures tumbled by over 3 per cent in the domestic market on Friday as investors and speculators exited positions in the energy commodity amidst a weak trend in the overseas market as forecasts calling for less cooler weather in the US Northeast over the next two weeks threatened to curb the demand outlook for the heating fuel in the world’s biggest gas consuming nation.

ECONOMY NEWS :

  • A collapse of Europe’s Schengen passport-free travel zone could cost the European Union up to 1.4 trillion euros over the next decade, a study by Germany’s Bertelsmann Foundation showed on Monday. The study estimated that under a worst case scenario, in which the reintroduction of controls at EU borders pushed import prices up three percent, the costs to the bloc’s largest economy Germany could be as much as 235 billion euros between 2016 and 2025, and those to France up to 244 billion.
  • Australian Prime Minister Malcolm Turnbull introduced a bill on electoral reform on Monday, signalling a potential dissolution of parliament and an early election to break political deadlock.Independent and minor party senators elected at the last election in 2013 have continuously stalled key aspects of the government’s agenda, including changes that would make higher education and health care more expensive and limit access to welfare.
  • China has almost doubled its weapons exports in the past five years, a military think tank said on Monday, as the world’s third-largest weapons exporter pours capital into developing an advanced arms manufacturing industry. In 2011 to 2015, China’s arms imports fell 25 percent compared with the previous five year period, signaling a growing confidence in the country’s homegrown weaponry despite key areas of weakness, the Stockholm International Peace Research Institute (SIPRI) said in a report on global arms transfers.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1216 TARGET 1221 1227 SL 1210
  • SELL GOLD BELOW 1205 TAGRET 1200 1194 SL 1211

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