Comex Trading Signals and Market News – 29 February 2016


  • Gold fell sharply on Friday after the Federal Reserve’s preferred gauge for inflation rose by its highest annual percentage in more than three years, augmenting hawkish sentiments for accelerated normalization in the U.S. central bank’s first tightening cycle in nearly a decade.On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,212.10 and $1,240.90 an ounce before settling at $1,220.20, down 18.60 or 1.51% on the session.
  • Silver futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the precious metal as San Francisco Fed President John Williams stressed that the Fed should follow a broad policy of gradual interest rate tightening with the number of rate hikes in the current monetary tightening cycle dependent on inflation and other economic data dimming the lure for Silver as a store of value.The focus today will be on the revised US Q4 GDP estimates and consumer spending data.
  • Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal as weak US economic data signaled concerns over copper’s demand outlook.Manufacturing activity in Kansas City shrank in February with the manufacturing gauge falling to -12 this month the lowest since 2009 from -9 in January as a reading below 0 signals contraction.


  • The Federal Reserve, facing the delicate task of explaining how it will forge ahead with rate hikes in a stormy world economy, is wary of again tying its actions to calendar dates but officials want to keep “forward guidance” as an emergency tool. San Francisco Fed President John Williams said on Friday such time-based guidance can be “like a sledgehammer … a powerful tool when it’s needed,” while Fed Vice Chairman Stanley Fischer said it is as close as the U.S. entral bank can get to a cohesive forecast.
  • EU and U.S. negotiators seeking a transatlantic free trade agreement expressed cautious optimism on Friday that they could resolve most issues by July, which could lead to a conclusion of a deal by the end of the year.The two sides are trying to agree on the Transatlantic Trade and Investment Partnership (TTIP), which supporters say could boost each economy by some $100 billion at a time of slowing growth in China and emerging markets.
  • China sought to restore confidence in its economy as financial leaders from G20 nations gathered in Shanghai on Friday, but Germany all but ruled out any coordinated stimulus to counter a deepening global chill.While the health of the world’s second-largest economy, which hosts the G20 presidency this year, is a key talking point around the two-day summit, the threat of the UK leaving the European Union and its political and economic implications have also surfaced as concerns among participants in the meeting.


  • BUY GOLD ABOVE 1225 TARGET 1230 1237 SL 1218
  • SELL GOLD BELOW 1217 TARGET 1212 1204 SL 1222

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