8Mar

Comex Trading Signals and Market News – 08 March 2016

INTERNATIONAL COMMODITY NEWS :

  • Crude oil futures have continued to gain today to hit above $36 per barrel mark – their highest in around five weeks amid a growing consensus that a multi-year low around $26 per barrel might have already emerged as a bottom for the commodity.WTI Crude oil futures witnessed good buying this week amid supportive cues from equities and a continued drop in the US rig counts.
  • Oil prices rose on Monday as tightening supply and an improving global outlook boosted market sentiment. The number of rigs drilling for oil in the U.S. fell below 400 for the first time since the financial crisis. The number of U.S. oil-drilling rigs has fallen sharply since oil prices began to fallExpectations of tightening supply and growing demand have fulled hopes that the oil market may have bottomed out.
  • Gold futures edged lower in European trade on Monday, but held near the prior session’s 13-month high as market players awaited comments from a pair of Federal Reserve officials later in the session for further clues on the path of future rate hikes.Federal Reserve Governor Lael Brainard is due to deliver a speech titled “Economic Outlook, Liquidity and Resilience” at the Institute of International Bankers Annual Washington Conference, in Washington D.C. at 18:00GMT, or 1:00PM ET, Monday.

ECONOMY NEWS :

  • The former head of a prominent British business lobbying group, who quit his post because he supports Britain’s exit from the European Union, accused Prime Minister David Cameron of scaremongering in comments published on Monday.British Chambers of Commerce (BCC) director general, John Longworth, resigned late on Sunday after he breached the group’s neutral stance on the in-out referendum to be held on June 23 by saying that the EU was incapable of meaningful reform and Britain could have a bright economic future outside the bloc.
  • Greece’s finance minister urged international lenders on Monday to complete their review of his country’s reform    measures by May 1 and bring to an end lengthy discussions over pension cuts.Disagreements between the International Monetary Fund (IMF) and Athens’s EU lenders over additional reforms Greece must implement to achieve its fiscal targets in 2018 are delaying the first review of its latest bailout, a hurdle the Greeks desperately need to clear to open the way for debt relief talks.
  • The Bank for International Settlements (BIS) warned that a global storm was rising for the world’s economy as central banks pushed rates into negative territory and may be running out of effective options.“The uneasy calm has given way to turbulence,” BIS chief Claudio Borio began his media brief on a quarterly report released on Sunday by the institution hailed to be the central bank of the central banks.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1268 TARGET 1273 1279 SL 1262
  • SELL GOLD BELOW 1257 TARGET 1252 1246 SL 1263

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