15Jun

Comex Trading Signals and Market News – 15 June 2016

INTERNATIONAL COMMODITY NEWS :

  • Oil fell on Tuesday, as investor nervousness over next week’s vote on Britain’s possible European Union exit swept financial markets, eclipsing signs of a return to health for crude prices.Perceived safe-haven assets such as the Swiss franc and German Bunds rallied, while industrial commodities and equity markets, seen as more vulnerable to economic risk, fell after polls showed Britain’s “Leave” campaign leading before a referendum on EU membership.
  • Gold futures were lower in European trade on Tuesday, after climbing to a four-week high in the prior session, as investors readjusted positions ahead of the Federal Reserve’s two-day monetary policy meeting due to begin later in the day. While the Fed is widely expected to leave interest rates unchanged at the conclusion of its policy meeting at 18:00 GMT, or 2:00PM ET, Wednesday, the U.S. central bank could provide guidance on its pace of tightening over the next several months.
  • Silver futures were trading lower during the late morning trade in the domestic market on Tuesday as traders trimmed their positions amid tracking weak trend in global markets.Speculators indulged in trimming of positions at existing levels and a weak trend in precious metals globally kept pressure on Silver futures.

ECONOMY NEWS :

  • Evidence that the U.S. neutral rate of interest remains stalled near zero may slow Federal Reserve rate hikes even more than expected, tying the hands of policymakers until a rebound in global demand or other forces raise that key measure of the economy’s underlying strength.Though difficult to estimate precisely, the neutral rate is the point at which monetary policy neither encourages nor discourages spending and investment, and is thus a key measure of whether a given federal funds rate is stimulating or restricting the economy.
  • British finance minister George Osborne, battling to keep the country in the EU, warned voters that he will take new austerity measures if they decide to leave the bloc in next week’s referendum. With opinion polls showing momentum swinging to the “Out” camp, Osborne intensified the tone of his warnings about the consequences of a so-called Brexit, saying he would respond by increasing taxes and cutting spending.
  • Half of Chinese investors are holding back from buying property in Britain until after the country’s referendum on EU membership, a survey showed on Wednesday, though a quarter say they are more eager to complete purchases before the vote. A total of 51 percent of the 411 Chinese property professionals and investors surveyed by juwai.com, the largest real estate portal that targets Chinese buyers looking abroad, said the June 23 vote had made them hold back from deals.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1286.8 TARGET 1291.8 1297.8 SL 1281.8
  • SELL GOLD BELOW 1277.8 TARGET 1272.8 1266.8 SL 1282.8

For more information about Commodity market trading or Comex Signals, please visit EPIC RESEARCH PTE LTD.

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