15Mar

Comex Trading Signals and Market News – 15 March 2016

INTERNATIONAL CURRENCY BUZZ :

  • Natural Gas futures fell during noon trade in the domestic market on Monday as investors and speculators exited positions in the energy commodity as forecasts for warmer weather across the US for the remainder of March threatened to curb heating demand for the fuel in the world’s biggest fuel consuming nation.
  • Silver futures advanced in the domestic market during noon trade on Monday as investors and speculators booked fresh positions in the precious metal amid speculation that the US Federal Reserve which meets this week may sing a more cautious tune over further interest rate hikes in the world’s biggest economy bolstering the lure for the bullion as a store of value.
  • Gold futures struggled for direction in European trade on Monday, flipping between small gains and losses as investors looked ahead to central bank meetings in Japan and the U.S. later this week for further clues on monetary policy.Gold for April delivery on the Comex division of the New York Mercantile Exchange shed $3.70, or 0.29%, to trade at $1,255.70 a troy ounce by 07:45GMT, or 3:45AM ET.

ECONOMY NEWS :

  • The Bank of Japan is unlikely to ease policy further for the moment as it gauges the impact of its surprise adoption of a negative interest rate, a move that roiled markets, a key economic adviser to Prime Minister Shinzo Abe said on Monday.Given a variety of changing external factors, “I think the BOJ wouldn’t take further action right now,” Koichi Hamada, special adviser to the Cabinet, told Reuters in an interview. “Probably it will be a wise decision.”
  • India’s retail inflation is expected to have eased in February helped by falls in prices of some food items, after edging up for six straight months, raising expectations of a central bank rate cut next month.Analysts say Raghuram Rajan, Governor of the Reserve Bank of India, could soften monetary stance after Finance Minister Arun Jaitley stuck to a fiscal deficit target of 3.5 percent of GDP for next fiscal year in his third budget last month.
  • Alarm that parts of China’s housing market are overheating, raised at the ongoing annual parliament meeting, highlights concern about unregulated, online-based financing that can fuel a property bubble. Officials vowed to crack down on players in the property business illegally lending home-buyers the money to make downpayments.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1260 TARGET 1265 1271 SL 1254
  • SELL GOLD BELOW 1250 TARGET 1245 1239 SL 1256

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