Comex Trading Signals and Market News – 12 July 2016


  • Gold prices inched up in European trade on Monday, hovering below a 28-month high amid speculation the Federal Reserve will remain cautious on interest rates despite last week’s strong jobs report.Gold for August delivery on the Comex division of the New York Mercantile Exchange tacked on $5.45, or 0.4% to trade at $1,363.85 a troy ounce by 06:50GMT, or 2:50AM ET.
  • Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia where refiners are already trimming crude runs.Brent crude was trading at $46.26 per barrel at 0942 GMT (5.42 a.m. ET), down 50 cents from its last settlement.
  • Silver futures rallied during noon trade in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend in the overseas market amid speculation that the US Federal Reserve may not raise interest rates in the near-term despite Friday’s robust jobs data as it assesses rising global economic uncertainty in the aftermath of Brexit and awaits more signs of a pickup in the world’s biggest economy.


  • South Korea’s central bank is seen taking a breather on Thursday and keeping rates untouched after it cut them to a record low in June, but is expected to resume easing in coming months, a Reuters poll found on Tuesday. Twenty-eight of 29 analysts surveyed said the Bank of Korea would leave interest rates at 1.25 percent. One forecast a cut to 1.0 percent.
  • Italy’s economy will grow by less than one percent this year and only marginally faster in 2017, the International Monetary Fund said on Tuesday, cutting its previous forecasts as a result of Britain’s decision to leave the European Union. The outcome of last month’s referendum in Britain has heightened volatility on financial markets and increased downside risks for Italy, the Fund said in a report following its annual Article IV meetings with the Italian authorities.
  • The yen hovered near a one-week low against the dollar on Tuesday, in the wake of a weekend election victory by Japan’s ruling coalition that fanned expectations of more economic stimulus including possible monetary easing.Gains in equity markets and an improvement in risk sentiment also weighed on the safe-haven yen, which rallied after Britain’s vote to leave the European Union and adding to worries over global growth.


  • BUY GOLD AROUND 1352 TARGET 1356 1360 SL 1349.90
  • SELL GOLD AROUND 1360 TARGET 1356 1352 SL 1361.25

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