Comex Trading Signals and Market News – 05 July 2016


  • Gold prices extended gains from last week in European trade on Monday, staying near the strongest level in more than two years, while silver spiked to levels not seen since July 2014.U.S. financial markets will be closed on Monday for the Independence Day holiday, resulting in thin trading conditions.
  • Oil prices rose on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.Brent crude futures (LCOc1) were trading at $50.58 per barrel at 0938 GMT, up 23 cents from their last settlement. U.S. crude (CLc1) was up 17 cents at $49.16.U.S. markets are closed on Monday for the U.S. Independence Day holiday.
  • Natural Gas futures plunged during noon trade in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as traders booked profits after a surge on Friday when prices rallied to the highest since May 2015 as hot summer temperatures across most parts of the US bolstered the demand outlook for gas-fired air conditioning.


  • Policymakers will have more room to fine tune monetary policy and money supply growth will likely be slower in the second half of 2016, the state-owned China Securities Journal said in a commentary Tuesday. At the same time, the nation’s economy will still require fiscal support, the paper said.
  • The Australian dollar inched lower on Tuesday as investors awaited a monetary policy decision later in the session, while major currencies continued to tread water with U.S. markets shut on Monday for Independence Day. The Aussie inched down 0.2 percent to $0.7525 , though it remained within site of Monday’s more than one-week high of $0.7545.
  • Britain’s vote to leave the European Union has ramped up the urgency for some Asian central banks to ease monetary policy, as a prolonged period of uncertainty threatens a wider downshift in trade and investment. Economists warn delayed investment decisions and a hit to jobs and consumption from Brexit will hurt exports from Asia’s trade-reliant economies, which are already reeling from weak external demand, particularly from China.


  • BUY GOLD ABOVE 1353 TARGET 1358 1364 SL BELOW 1348
  • SELL GOLD BELOW 1349.2 TARGET 1344.2 1338.2 SL ABOVE 1354.2

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