Comex Trading Signals and Market News – 27 May 2016


  • Gold futures were higher in European trade on Thursday, after falling to a seven-week low overnight as investors continued to factor in an increased chance of a near-term U.S. interest rate rise.Odds of a Fed rate hike for June stood at nearly 32% Thursday morning, according to futures markets. July odds were at about 60%.
  • Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing.Oil prices have rallied in recent weeks as a string of outages, due in part to wildfires in Canada and unrest in Nigeria and Libya, knocked out nearly 4 million barrels per day of production.
  • Crude oil prices rose by 1.17 per cent on Thursday boosted after US government figures showed a sharper-than-expected draw down in crude stocks last week.US crude stocks fell 4.2 million barrels to 537.1 million in the week to May 20 the steepest weekly drop in seven weeks the US Department of Energy’s Energy Information Administration said on Wednesday.


  • U.S. labor markets are relatively tight and may put upward pressure on inflation, St. Louis Federal Reserve President James Bullard said on Thursday.”By nearly any metric, U.S. labor markets are at or beyond full employment,” Bullard said in an OMFIF lecture in Singapore.”In short, labor markets are relatively tight,” he said. “This may put upward pressure on inflation going forward.”
  • China will push anti-corruption cooperation when it hosts this year’s G20 summit, Foreign Minister Wang Yi said on Thursday, after it suspended an international anti-corruption task force because domestic companies declined to participate.China suspended the task force, which had been drawing up G20 policies for increasing transparency of offshore financial structures, this year after taking over the G20 presidency, according to sources, who called it a setback to global efforts to crack down on shell companies.
  • The European Central Bank plans an in-depth review of how banks are coping with ultra-low interest rates and aims to establish a more consistent approach to supervising banks with high levels of bad loans, a top ECB regulator said on Thursday.”We plan in-depth reviews of the drivers of banks’ profitability at firm level and across business models,” ECB bank supervision board member Ignazio Angeloni said in a speech.


  • BUY GOLD ABOVE 1231.5 TARGET 1236.5 1242.5 SL 1226.5
  • SELL GOLD BELOW 1225.3 TARGET 1220.3 1214.3 SL 1230.3

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