26Jul

Comex Trading Signals and Market News – 26 July 2016

INTERNATIONAL COMMODITY NEWS :

  • Gold prices extended losses from the prior session in European trade on Monday, holding near a three-week low as the U.S. dollar hovered at a more than four-month high 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 $1,313.10 a troy ounce, just above a three-week low of $1,310.70.
  • Oil prices extended losses from last week in European trade on Monday, as concerns over a global supply glut intensified after data showed that the U.S. oil rig count rose for the fourth week in a row last week.Crude oil for September delivery on the New York Mercantile Exchange fell to a session low of $43.98 a barrel. It last traded at $44.02 by 08:03GMT, or 4:03AM ET, down 17 cents, or 0.38%.
  • Copper futures rose during evening trade in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid hopes that a pickup in the US economy may bolster consumption.A gauge measuring US manufacturing climbed to 52.9 in July from 51.3 in June with a reading above 50 signaling expansion Markit Economics said in a report on Friday.

ECONOMY NEWS :

  • Japan’s government is likely to inject 6 trillion yen ($57 billion) in direct fiscal outlays into the economy over the next few years under a planned stimulus package, double the amount initially planned, the Nikkei newspaper reported on Tuesday. The Finance Ministry had initially earmarked 3 trillion yen for direct spending from national and local governments under its draft fiscal stimulus plan. But the amount was doubled on requests for bigger spending by government officials and ruling party lawmakers, the Nikkei said without citing sources.
  • The U.S. Federal Reserve is preparing an enforcement action againstGoldman Sachs Group Inc (N:GS) related to a leak of confidential government information to one of its employees, the New York Times reported on Monday. The action will include a penalty of less than $50 million, the Times said, citing people briefed on the matter.
  • U.S. Trade Representative Michael Froman told his new British counterpart on Monday that the two countries cannot launch negotiations on bilateral trade and investment deals until more is known about Britain’s future relationship with the European Union.The U.S. Trade Representative’s office said in a statement that Froman told UK Trade Secretary Liam Fox in a meeting in Washington “that the United States will be prepared to engage in conversations with the United Kingdom about how to develop our trade and investment relationship in the best way at the appropriate time.”

TRADING STRATEGY :

  • BUY GOLD ABOVE 1318.58 TARGET 1323.58 1329.58 SL BELOW 1313.58
  • SELL GOLD BELOW 1314 TARGET 1309 1303 SL ABOVE 1319

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