19May

Comex Trading Signals and Market News – 19 May 2016

INTERNATIONAL COMMODITY NEWS :

  • Oil prices held near the prior session’s seven-month highs in European trade on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell for the second straight 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 drop of 2.9 million barrels.
  • Gold futures were lower in European trade on Tuesday, after posting modest overnight gains, as market players looked ahead to minutes of the Federal Reserve’s April policy meeting, which many feared could be more hawkish than the statement.Gold for June delivery on the Comex division of the New York Mercantile Exchange dipped $2.00, or 0.16%, to trade at 1,274.80 a troy ounce by 06:46GMT, or 02:46AM ET.
  • Copper prices fell on Wednesday as the dollar rallied after a stream of encouraging US economic data supported the case for more rate rises this year.A US Federal Reserve policymaker said that he will push for an interest rate hike in June or July and two others still see up to three rate increases this year leaving the door open to a change in monetary policy relatively soon.

ECONOMY NEWS :

  • Japan’s gross domestic product (GDP) rose 0.4% on quarter in the first quarter of 2016, the Cabinet Office said on Wednesday. This marked a sharp reversal after a revised 0.4% contraction in the previous quarter. On a yearly basis, GDP surged 1.7% following the downwardly revised 1.1% contraction in the three months prior. Strong consumer demand and higher government spending helped offset relatively weak business investment in January-March quarter.
  • Chinese home prices increased further in April, figures from the National Bureau of Statistics showed Wednesday. On a monthly basis, house prices rose 65 cities out of 70 surveyed by the government, while it fell in 5 cities.The highest increase in house prices were noted in Hefei, by 5.8% and the steepest decline was seen in Jinzhou, by 0.5%. Compared with the same month of last year, house prices grew in 46 cities out of the 70 cities in April, while it dropped 23 cities and remained flat in 1 city.
  • Many euro zone countries do not have the leeway or urgent need to boost fiscal spending, so they should focus on reform instead to lift their growth potential, Jens Weidmann, the head of Germany’s Bundesbank said on Wednesday. An expansionary monetary stance is currently appropriate but should not be maintained longer than absolutely necessary because the negative side effects are increasing with time, Weidmann told Reuters before departing for the G7 summit in Japan.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1272 TARGET 1277 1283 SL 1267
  • SELL GOLD BELOW 1268.8 TARGET 1263.8 1257.8 SL 1273.8

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