24Aug

Comex Trading Signals and Market News – 24 August 2016

INTERNATIONAL COMMODITY NEWS

  • Nickel futures were trading lower during the evening trade in the domestic market on Tuesday as speculators cut down their bets led by fall in demand from alloy-makers at the domestic spot market amid tracking weak trend overseas.Further a drop in domestic demand for nickel was mainly in-line with a weak trend overseas as most industrial metals retreated following comments from a US Federal Reserve official which bolstered speculation that US borrowing costs will rise this year.
  •  Oil fell below $49 a barrel on Tuesday, giving up part of August’s strong rally, as signs of rising supply outweighed  hopes that producing nations will agree steps to support prices.A Nigerian militant group, which has claimed a wave of attacks on oil facilities, said at the weekend it was ready for a ceasefire and Iraq resumed pumping through a northern pipeline halted earlier this year.
  •  Gold prices struggled for direction in European trade on Tuesday, pausing after two days of declines, as markets looked ahead to a speech by Federal Reserve Chair Janet Yellen later this week that could shed light on the timing of a U.S interest rate hike.Gold for December delivery on the Comex division of the New York Mercantile Exchange dipped 25 cents, or 0.02%, to trade at $1,343.15 a troy ounce by 2:52AM ET (06:52GMT).

ECONOMY NEWS

  • Making money amid Mongolia’s deepening economic crisis, currency dealers thronging the black markets of Ulaanbaatar wave wads of American dollars and Chinese yuan, warning desperate customers that foreign banknotes are becoming scarcer by the day.The Naiman Sharga market, close to the Mongolian capital’s cluttered and impoverished “ger” or tent districts, has become a daily destination for residents panicked by a precipitous decline in the currency,the tugrik.
  •  World Bank President Jim Yong Kim on Tuesday formally launched a bid for a second five-year term as head of the multilateral development lender, whose board pledged an “open, merit-based, and transparent” selection process.Kim,a global public health expert and former Dartmouth College president, notified the board of his intention to continue in the bank’s top job after his current term ends on June 30, 2017, the bank said.
  •  The U.S. budget deficit is expected to grow to $590 billion in fiscal year 2016 due to slower than expected growth in revenues and higher spending for programs including Social Security and Medicare, the Congressional Budget Office said on Tuesday.The estimate, which is $56 billion larger than CBO’s forecast in March, shows the deficit increasing in relation to economic output for the first time since 2009. CBO said the deficit is expected to be $152 billion higher than
    in 2015 and will equal 3.2 percent of economic output.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1343 TARGET 1348 1354 SL BELOW 1338.
  • SELL GOLD BELOW 1338 TARGET 1333 1327 SL ABOVE 1343.

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