Comex Trading Signals and Market News – 01 July 2016


  • Oil fell towards $50 a barrel on Thursday, pressured by higher Nigerian output and concern about the economic outlook following Britain’s vote to leave the European Union last week.Returning Nigerian supply will put pressure on prices, Goldman Sachs (NYSE:GS) said, adding that outages caused by Canadian wildfires would virtually end by September.
  • Gold prices were lower in European trade on Thursday, reversing overnight gains, as worries about the U.K.’s shock decision to leave the European Union abated, dampening demand for safe-haven assets.Gold for August delivery on the Comex division of the New York Mercantile Exchange shed $8.50, or 0.64%, to trade at $1,318.30 a troy ounce by 06:55GMT, or 2:55AM ET.
  • Natural Gas futures advanced during late morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity as warm weather across most parts of the US bolstered the demand outlook for the power-plant fuel. Latest weather forecasting models called for hotter than normal temperatures across most parts of the contiguous US from July 8 through July 12 which may boost demand for gas-fired air conditioning at offices and homes.


  • The Federal Reserve provided just $2 million of liquidity to foreign central banks in the latest week via its swap lines, the New York Fed said on Thursday, and analysts said the minuscule pickup suggested little prolonged stress in global markets after Britain’s surprise vote to leave the European Union.”Today’s data shows no signs of any stress, despite the significant volatility in foreign exchange markets and others,” Jefferies & Co.’s money market strategist Tom Simons wrote in a research note.
  • St. Louis Federal Reserve Bank President James Bullard said on Thursday he was sticking with his view that the U.S. central bank needed to make a single increase to interest rates.I would stick with it for now because I don’t see Brexit having material impact on the U.S. over the next two years based on the data I have today,” Bullard told reporters after making a speech in London.
  • Growth in China’s manufacturing sector stalled in June, an official survey showed on Friday, adding to expectations that Beijing will have to roll out more stimulus soon to boost the sluggish economy.The official Purchasing Managers’ Index (PMI) eased to 50.0 in June, compared with 50.1 in May and right at the 50-point mark that separates growth from contraction on a monthly basis.


  • BUY GOLD ABOVE 1320 TARGET 1325 1331 SL 1315
  • SELL GOLD BELOW 1312 TARGET 1307 1301 SL 1317

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