22Jul

Comex Trading Signals and Market News – 22 July 2016

INTERNATIONAL COMMODITY NEWS :

  • Oil prices moved slightly higher on Thursday after the U.S. Energy Department reported a ninth consecutive weekly drawdown of crude stocks, although an overall build in oil inventories capped gains.U.S. West Texas Intermediate crude for September delivery (CLc1), the new front-month contract from Thursday, was up 15 cents at $45.90 a barrel at 0800 GMT.
  • Gold prices added to overnight losses in European trade on Thursday, falling to a new three-week low amid renewed expectations for a Federal Reserve rate hike later this year.Gold for August delivery on the Comex division of the New York Mercantile Exchange fell to a session low of $1,310.70 a troy ounce, a level not seen since June 24.
  • Aluminium futures were trading lower during the morning trade in the domestic market on Wednesday as investors and speculators remained on the sideline amid muted physical demand for aluminium in the domestic spot market. At the MCX Aluminium futures for July 2016 contract is trading at Rs 109.55 per 10 grams down by 0.18 per cent after opening at Rs 109.75 against a previous close of Rs 109.75. It touched the intra-day low of Rs 109.50.

ECONOMY NEWS :

  • A Chinese central bank official said tax cuts would be a more effective way of stimulating the economy than interest rate cuts, with firms still unwilling to invest, the National Business Daily reported on Friday.Sheng Songcheng, director of the Survey and Statistics Department at the People’s Bank of China, said enterprises were caught in a liquidity trap and regulators should focus more on fiscal policy adjustments, the paper said.
  • Japan is likely to miss its deficit-cutting target in fiscal 2018 because the government has delayed a sales tax hike by more than two years, public broadcaster NHK said on Friday, citing an unidentified source. The Cabinet Office now forecasts the primary budget deficit will be 1.9 percent of gross domestic product in fiscal 2018 from 1.7 percent it projected in January, NHK said.Prime Minister Shinzo Abe’s government has a target of reducing the primary budget deficit to 1 percent of GDP in fiscal 2018.
  • Along a cobblestoned row of restaurants near the Cleveland arena hosting this week’s Republican National Convention, the crowds on the sidewalk were shoulder to shoulder.But just a few blocks from the television cameras and T-shirt stands selling Donald Trump merchandise, traffic was light. The four-day convention ending Thursday actually hurt business, shopkeepers said.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1323.5 TARGET 1328.5 1334.5 SL BELOW 1318.5
  • SELL GOLD BELOW 1310 TARGET 1305 1299 SL ABOVE 1315

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