Comex Trading Signals and Market News – 01 June 2016


  • Gold futures struggled near the lowest level in more than three months in European trade on Tuesday, as investors returning from the long Memorial Day weekend awaited data that could back some Federal Reserve officials’ relatively optimistic views on the U.S. economy.The Commerce Department will release its core personal consumption expenditure (PCE) index for April, along with personal income and spending for the same month at 12:30GMT or 8:30AM ET.
  • Brent crude prices fell on Tuesday on rising output from the Middle East and ahead of an OPEC meeting later this week, while U.S. crude edged higher as the summer driving season began.Brent crude oil futures were down 40 cents at $49.36 a barrel by 0839 GMT, while U.S. West Texas Intermediate (WTI) crude oil futures traded 10 cents higher at $49.43 a barrel.
  • Natural Gas futures jumped during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity as forecasts for mild summer weather in the near-term bolstered hopes of a pickup in cooling demand.Updated weather forecasting models called for mild summer temperatures over the next two weeks which may boost demand for gas-fired air conditioning.About 50 per cent of US households use natural gas for cooling purposes.


  • Having dumped Asian shares on resurgent worries about China’s economy, the specter of more aggressive U.S. interest rate rises is now forcing global investors to sell the region’s bonds and currencies.A net $3.2 billion left Asian equity markets, excluding Japan, during the period May 1 to 24, the largest outflow since January, data from HSBC showed. Indonesia’s and South Korea’s bond markets, heavy recipients of foreign investment until March, are now seeing chunks of inflows reverse while Asia’s currencies have also fallen quite sharply.
  • Japanese Economy Minister Nobuteru Ishihara said on Tuesday there is no change to the government’s stance that it is trying to balance the need for economic growth with the need for fiscal discipline.Prime Minister Shinzo Abe will delay the tax hike by 2-1/2 years, sources told Reuters, due to worries the move could push down consumer spending even further and possibly hasten a return to deflation.
  • India probably gathered momentum to hold its ranking as the world’s fastest growing large economy in the quarter    through March, giving Prime Minister Narendra Modi more to celebrate after completing two years in office last week. Modi swept to power promising to revitalize Asia’s third-largest economy and, despite a dearth of private investment and shrinking exports, his policies are having some success as cooling inflation and lower interest rates have boosted consumer demand.


  • BUY GOLD ABOVE 1214.3 TARGET 1219.3 1225.3 SL 1209.3
  • SELL GOLD BELOW 1209.5 TARGET 1204.5 1198.5 SL 1214.5

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