7Mar

Comex Trading Signals and Market News – 07 March 2016

INTERNATIONAL COMMODITY NEWS :

  • Gold rose in European morning hours on Friday, to trade near the previous session’s one-year peak as investors focused on the upcoming U.S. nonfarm payrolls report for new hints on the Federal Reserve’s next policy moves.  On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were up 0.25% at $1,260.90.
  • Natural Gas futures shed more than 1 per cent during noon trade in the domestic market on Friday as investors and speculators exited positions in the energy commodity as hefty storage levels exacerbated concerns of oversupplies as the end of the winter heating season threatened to curb demand for the fuel in the US the world’s biggest consumer.
  • Silver futures rallied by more than 1 per cent during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal as weaker than expected US economic data pushed back bets of a near-term interest rate hike by the Federal Reserve bolstering the lure for the bullion as a store of value.

ECONOMY NEWS :

  • Japan’s government named Makoto Sakurai, a think tank executive with ties to advocates of aggressive monetary policy easing in premier Shinzo Abe’s administration, to join the Bank of Japan’s board, a government document showed on Friday.Sakurai, 70, replaces Sayuri Shirai, a 53-year-old former International Monetary Fund economist and the only female in the nine-member board whose term ends on March 31.
  • Australian shares climbed to a two-month peak on Friday after gains in commodity prices underpinned the mining and financial sectors, while New Zealand stocks struck a record high, yet again.The S&P/ASX 200 index .AXJO edged up 0.3 percent or 16.4 points to 5,098.1 by 01:45 GMT. The benchmark is up 4.5 percent so far this week and if sustained, it would be the biggest increase in nearly five months.
  • China’s defence budget this year is likely to rise at its slowest pace since 2010, in line with the decelerating economy and by a much lower figure than had been expected in military and diplomatic circles, though it probably does not represent true spending.Fu Ying, spokeswoman for China’s parliament, said the figure would increase by about seven to eight percent from 2015, following a nearly unbroken two-decade run of double-digit budget increases.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1270 TARGET 1275 1285 SL 1263
  • SELL GOLD BELOW 1258 TARGET 1252 1247 SL 1265

For more information about Commodity market trading or Comex Signals, please visit EPIC RESEARCH PTE LTD.

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