29Jul

Comex Trading Signals and Market News – 29 July 2016

INTERNATIONAL COMMODITY NEWS :

  • Oil prices fell to three-month lows on Thursday as producers continued to pump more than needed,filling inventories, and economic growth prospects darkened.Brent crude oil (LCOc1) was down 50 cents at $42.97 a barrel by 1010 GMT, after touching $42.88, its lowest since April 20. U.S. light crude (CLc1) was down 20 cents at $41.72.U.S. government data on Wednesday revealed a surprise rise in crude and gasoline inventories.
  • Gold prices added to overnights gains in European trade on Thursday, after the Federal Reserve gave no indication whether it would raise rates at its next meeting in September.Gold for December delivery on the Comex division of the New York Mercantile Exchange climbed to a session high of $1,348.70 a troy ounce. It last traded at $1,347.15 by 06:58GMT, or 2:58AM ET, up $12.65, or 0.95%.
  • Lead futures were trading lower during the evening trade in the domestic market on Wednesday as investors and speculators trimmed their bets in the industrial metal amid decline in physical demand for lead from battery-makers in the domestic spot market.Further decrease in demand from battery makers in the spot market influenced lead prices at futures trade.

ECONOMY NEWS :

  • The U.S. watchdog for consumer finances unveiled on Thursday a proposal to toughen regulation of the multibillion-dollar debt collection industry, with a focus on keeping agencies from pushing people to pay debts they do not owe, informing borrowers of their rights and cutting down on calls to debtors.Both the industry and consumer advocates expressed disappointment with the proposal. The business side worried about the costs of complying with the suggested requirements, which they warned could be passed on to borrowers or force some of the thousands of small collection firms to shutter. Those pushing for consumer rights said the proposal left major holes in borrower protections and did not go far enough.
  • Excessively low European Central Bank interest rates over a long period could do more harm than good but current rates are safely above such a level, ECB Executive Board Member Benoit Coeure said on Thursday.”The current conditions of financial intermediation suggest, however, that the economic lower bound is safely below the current level of the deposit facility rate and that the impact of negative rates, combined with the asset purchase program and forward guidance, has clearly been net positive,” he said.
  • The Bank of Japan, under pressure from the government, is considering specific steps for expanding monetary stimulus on Friday to address signs of weakness in inflation, people familiar with the central bank’s thinking said.By timing its action with the government’s big fiscal spending package, the bank would aim to maximize the boost of its measures on the world’s third-biggest economy, which is struggling to escape decades of deflation, the sources said.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1343 TARGET 1348 1354 SL BELOW 1338
  • SELL GOLD BELOW 1339 TARGET 1334 1328 SL ABOVE 1344

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