30Jun

Comex Trading Signals and Market News – 30 June 2016

INTERNATIONAL COMMODITY NEWS :

  • Oil prices pushed higher in European trade on Wednesday, extending overnight gains, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell at a faster 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 drop of 2.4 million barrels.
  • Gold prices were higher in European trade on Wednesday, bouncing back from the prior session’s losses as market players all but ruled out further rate hikes by the Federal Reserve this year in the aftermath of Britain’s shock vote to leave the EU.Gold for August delivery on the Comex division of the New York Mercantile Exchange tacked on $5.30, or 0.4%, to trade at $1,323.20 a troy ounce by 06:45GMT, or 2:45AM ET.
  • Nickel futures were trading lower by nearly 0.83 per cent during the afternoon trade in the domestic market on Wednesday as speculators reduced their exposure tracking a weak trend at the domestic spot markets on low demand. The fall in nickel prices was mostly in tune with a weak trend at the domestic spot markets due to muted demand from alloy-makers but a firm trend in base metals at the LME restricted losses.

ECONOMY NEWS :

  • Member nations of Latin America’s Pacific Alliance trade bloc must strengthen their relationships and keep clear of the isolationist path represented by Britain’s exit from the European Union, Chile’s foreign minister said on Wednesday.” At  a time that seems dominated by the discord and disintegration brought by ‘Brexit’ and by the lamentable attack in Turkey, what we are doing is constructing realistic, flexible and pragmatic integration,” Foreign Minister Heraldo Munoz said as the Pacific Alliance kicked off its summit in the scenic town of Puerto Varas.
  • Dissenters to the Bank of Japan’s stimulus measures remain a minority on its board, but their call to scrap the time frame for its inflation target is gaining converts and casting doubt on the credibility of bank governor Haruhiko Kuroda and his broader program.In a bid to end two decades of debilitating deflation, Kuroda began a huge money-printing program when he took office in 2013, tied to a two-year target to push inflation to 2 percent.
  • British banks’ closure of hundreds of branches in the last three years has more than halved lending to small businesses in the areas affected, research on Thursday showed, ahead of a debate in parliament about the impact of the cuts. Britain’s biggest banks HSBC (L:HSBA), Barclays (L:BARC), Royal Bank of Scotland (L:RBS) and Lloyds Banking Group (L:LLOY) have been steadily shrinking their branch networks to cut costs while investing in online and mobile banking services.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1321.5 TARGET 1326.5 1332.5 SL 1316.5
  • SELL GOLD BELOW 1315.5 TARGET 1310.5 1304.5 SL 1320.5

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