4Mar

Comex Trading Signals and Market News – 04 March 2016

INTERNATIONAL COMMODITY NEWS :

  • Natural Gas futures extended a slump during noon trade in the domestic market on Thursday as investors and speculators exited positions in the energy commodity as forecasts for mild temperatures in March across the US threatened to curb demand for the heating fuel and expand a supply glut.The Commodity Weather Group called for warmer than normal weather in the US in the coming days reducing the need for gas-fired heating at offices and homes in the world’s biggest fuel consuming nation.
  • Gold futures drifted higher in European trade on Thursday, as investors looked ahead to key U.S. data later in the day to gauge if the world’s largest economy is strong enough to withstand further rate hikes this year.The U.S. was to release the weekly report on initial jobless claims at 15:30GMT, or 8:30AM ET, followed by the U.S. Institute of Supply Management’s report on service sector growth for February at 15:00GMT, or 10:00AM ET.
  • Crude prices gained further in Asia on Thursday as investors shrugged off bearish U.S. inventory reports. On the New York Mercantile Exchange, WTI crude for April delivery rose 0.40% to $34.80 a barrel. Brent rose 0.16% to $36.99 a barrel. Overnight, U.S. crude futures inched up on Wednesday remaining near one-month highs after a massive build in domestic inventories last week exacerbated concerns that top storage facilities nationwide could reach full storage capacity in the near-term future.

ECONOMY NEWS :

  • Foreign capital outflows from the South Korean securities markets continued for a fourth consecutive month in February but there were signs of the trend easing, the country’s finance ministry said on Thursday.Data from the ministry showed foreign investors reduced their holdings of South Korean domestic bonds by a net 4.2 trillion won ($3.46 bil lion) and sold a net 0.2 trillion won worth of stocks during February.
  • Australia’s deputy leader called for government unity on Thursday as Prime Minister Malcolm Turnbull’s polls plummet amid party divisions and ahead of a critical budget and looming election later this year.Deputy Prime Minister Barnaby Joyce said the honeymoon was over for Turnbull, who became leader in a party room coup in late 2015 and is now under pressure on several policy fronts and facing party instability blamed on the man he toppled, former prime minister Tony Abbott.
  • Bank of Japan Deputy Governor Hiroshi Nakaso on Thursday put the onus on the government to speed up structural reforms to boost the country’s growth potential and maximise the economic impact of the bank’s massive monetary stimulus programme.The former career central banker said it was technically possible to push interest rates further into negative territory, stressing the BOJ’s readiness to expand stimulus again if needed to achieve its 2 percent inflation target.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1245 TARGET 1250 1256 SL 1239
  • SELL GOLD BELOW 1235 TARGET 1230 1224 SL 1241

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