25Jul

Comex Trading Signals and Market News – 25 July 2016

INTERNATIONAL COMMODITY NEWS :

  • U.S. oil futures rose on Friday, but remained near two-month lows as concerns over a global supply glut continued to weigh.U.S. crude futures for September delivery added 0.25% to $44.86 a barrel, close to Wednesday’s two-month low of 43.69.On the ICE Futures Exchange in London, the September Brent contract climbed 0.52% to $46.44 a barrel, near a two-month trough of 45.84 hit overnight.
  • Gold prices slipped lower on Friday, as upbeat U.S. data released in the previous session lent support to the U.S. dollar and as the European Central Bank left the door open for further stimulus measures.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery declined 0.37% to $1,326.05.
  • Silver futures were trading lower in the domestic market on Friday as speculators engaged in reducing their positions tracking a weak trend in global markets.Analysts attributed the persistent fall in silver prices at the futures trade to a weak trend in the precious metals in global market as gains in equities and a stronger dollar curbed the demand for the precious metals as a store of value.

ECONOMY NEWS :

  • Central banks from Washington to Tokyo take center stage next week, although policymakers are likely to remain cautious as they wait for the dust to settle from Britain’s shock vote to leave the EU. As they wait for political reassurances and greater clarity over the likely impact of the move, central banks have mostly avoided action since Britain’s June 23 referendum, calming jittery markets with verbal assurances but leaving the burden on governments to chart a path.
  • JPMorgan Chase & Co (N:JPM) will stop settling U.S. government securities transactions for most dealers by the end of next year as it streamlines its business, the bank said on Friday.The change would leave BNY Mellon Corp (N:BK) as the only clearing bank for such transactions between dealers and investors.In the first six months of 2016, an average of $504 billion of U.S. Treasuries changed hands per day, down slightly from a daily average of $507 billion for the same year-earlier period, according to data from the Securities Industry and Financial Markets Association.
  • Fiscal and monetary policies are becoming less effective at spurring economic activity so the world’s leading economies need to increase coordination to promote sustainable growth, China’s Finance Minister Lou Jiwei said on Saturday. Lou was speaking at the start of a meeting of Group of 20 finance ministers and central bankers in the southwestern city of Chengdu, where they will confront challenges to global growth exacerbated by Britain’s decision to leave the European Union and consider deeper structural reforms.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1326 TARGET 1331 1337 SL BELOW 1321
  • SELL GOLD BELOW 1321 TARGET 1316 1310 SL ABOVE 1326

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