28Apr

Comex Trading Signals and Market News – 28 April 2016

INTERNATIONAL COMMODITY NEWS :

  • West Texas Intermediate oil prices rallied to a five-month high in European trade on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a slower pace than expected last week.The U.S. Energy Information Administration will release its weekly report on oil supplies at 14:30GMT, or 10:30AM ET, amid expectations for a gain of 2.4 million barrels.
  • Gold futures ticked higher in European trade on Wednesday, as investors looked ahead to the Federal Reserve’s rate decision due later in the day for fresh guidance on the future path of U.S. interest rates.While the Fed is widely expected to leave interest rates unchanged at the conclusion of its policy meeting at 18:00GMT, or 2:00PM ET, Wednesday, the U.S. central bank could provide guidance on its pace of tightening over the next several months.
  • Copper prices fell by 0.70 per cent on Wednesday after Japan’s all industries activity index fell last month official data showed on Wednesday signaling weak sentiment in the region which reduced the demand outlook for the metal. In a report Japanese Ministry of Economy Trade and Industry said that Japan’s All Industries Activity Index fell to a seasonally adjusted -1.2 per cent from 1.2 per cent in the preceding month whose figure was revised down from 2.0 per cent.

ECONOMY NEWS :

  • Euro zone finance ministers should meet on Greece within days to avoid renewed uncertainty over the country’s ability to finance itself, European Council President Donald Tusk said on Wednesday.Tusk said he spoke on the matter with Greek Prime Minister Alexis Tsipras, who on Tuesday had said he wanted a special summit of euro zone leaders to discuss Greece’s third bailout. Tusk chairs EU summits and would be responsible for calling one.
  • Any further European Central Bank monetary policy action will be entirely data-driven and something “genuinely new” would be required to revise the current stance, ECB’s governing council member Philip Lane said on Wednesday. “It’s entirely going to be data-driven, the reduction of the inflation forecasts in March was sufficiently substantial to trigger the extra measures. Let’s see what next wave of forecasts have,” Ireland’s central bank governor told a news conference.
  • China needs to create more employment to compensate for anticipated job losses as a result of supply-side reforms, President Xi Jinping was quoted as saying on Wednesday by state news agency Xinhua.Downward pressure  on China’s economy and social problems are both increasing, Xi was reported as saying during a trip to the eastern province of Anhui.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1248 TARGET 1253 1259 SL BELOW 1243
  • SELL GOLD BELOW 1242.5 TARGET 1237.5 1231.5 SL ABOVE 1247.5

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