Comex Market

10Apr

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Oil prices crept higher on Wednesday, supported by supply cuts by producer club OPEC and U.S. sanctions against oil exporters Iran and Venezuela, but restricted by expectations that an economic slowdown could soon dent fuel consumption. International benchmark Brent futures were at $70.66 per barrel at 0158 GMT, up 5 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $64.10 per barrel, up 12 cents, or 0.2 percent, above their last settlement.
  • President Donald Trump will issue two executive orders in the heart of the Texas energy hub on Wednesday seeking to speed gas, coal and oil projects delayed by coastal states as he looks to build support ahead of next year’s election. Trump’s orders will direct his Environmental Protection Agency to change a part of the U.S. clean water law that has allowed states, on the basis of environmental reasons, to delay projects such as pipelines to carry natural gas to New England and coal export terminals on the West Coast.
  • U.S. Agriculture Secretary Sonny Perdue said on Tuesday that talks with China about reducing Beijing’s tariff on U.S. ethanol products were “positive,” but cautioned the discussions were not over. “There have been conversations with China on reducing that tariff on ethanol, which would obviously be good for our domestic corn industry,” he told reporters. “While things look positive, it’s never over till it’s over with the Chinese.”

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. China is the world’s largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area.
  • Bank of Japan Governor Haruhiko Kuroda said on Wednesday the central bank was seeking to create a condition in which any acceleration in inflation is accompanied by rises in corporate profits and wages. “The BOJ isn’t seeking to push up inflation alone. We want to create a situation where wage and employment conditions improve too … and a positive economic cycle is created,” Kuroda told parliament.
  • A political feud over President Donald Trump’s picks for the U.S. Federal Reserve Board broke into an open brawl on Tuesday even before the nominations of Herman Cain, a former restaurant chain executive, and Stephen Moore, a conservative economic commentator, have been formally submitted to the Senate. Cain and Moore, both overt loyalists to the president, in recent days have waged unprecedented public campaigns for the Fed jobs, with both eagerly endorsing Trump’s economic policies and Moore pledging to “accommodate” those policies once he is at the Fed.

10april5

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3Apr

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Oil prices rose for a fourth day on Wednesday, holding firm despite an industry report showing that U.S. inventories rose unexpectedly last week, with supply cuts and sanctions supporting the market. Brent futures rose 22 cents, or 0.3 percent, to $69.59 a barrel by 0028 GMT, after earlier reaching $69.68, the highest since Nov. 13. The global benchmark closed half a percent higher on Tuesday. U.S. West Texas Intermediate crude rose 6 cents, or 0.1 percent, to $62.64 cents a barrel.
  • Crude advanced to the highest this year after a further reduction in supply from OPEC signaled that global markets are tightening. Futures added 1.6 percent to the highest level since November in New York on Tuesday. Declines in OPEC production are stoking optimism among investors as Saudi Arabia pressed on with output curbs and as power blackouts in Venezuela further squeezed supplies.
  • The good news for gold bugs is there’s always some news on economic uncertainty out there to keep the yellow metal from collapsing. The bad news is there hasn’t been enough news of economic uncertainty lately to push prices back above the key $1,300 level. Bullion and futures of gold rose on Tuesday as latest U.S. data renewed worries about growth in the world’s largest economy. Spot gold, reflective of trades in bullion, was at $1,291.62 an ounce by 2:42 PM ET (18:42 GMT), up $3.90, or 0.3%.

 

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Growth in developing Asia could slow for a second straight year in 2019 and lose further momentum in 2020, the Asian Development Bank (ADB) said on Wednesday, warning of rising economic risks from a bitter Sino-U.S.trade war and a potentially disorderly Brexit. Developing Asia, which groups 45 countries in the Asia-Pacific region, is expected to grow 5.7 this year, the ADB said in its Asian Development Outlook report, slowing from a projected 5.9 percent expansion in 2018 and 6.2 percent growth in 2017.
  • South Korea’s finance minister said on Wednesday the ministry will submit a supplementary budget of smaller than 9 trillion won ($7.9 billion) in size to the parliament by the end of April. “The size of the extra budget hasn’t been confirmed yet, but I think it would be smaller than the size that the International Monetary Fund (IMF) suggested,” Hong Nam-ki told reporters after a policy meeting in Seoul.
  • The U.S. Federal Reserve’s dovish turn has probably delayed the arrival of a key bond market recession indicator to 2020, a bit later than predicted three months ago, according to the latest Reuters poll of bond strategists. Only about one-fifth of those answering an additional question expected the gap between U.S. 2-year and 10-year note yields to invert within the next six months, compared to over one-third in the previous poll.

GOLD TRADING FORECAST TODAY

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18Mar

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • The kings of precious metals, gold and palladium, are both vying for world attention with major price milestones achieved on Friday from global growth fears and a Russian export ban, respectively. U.S. gold futures, as well as globally-traded bullion, moved above the key $1,300 perch after official suggestions of more downward pressure on China’s economy and weakening in U.S. employment trends and New York State manufacturing data.
  • Forget China’s growth, for now — the U.S. might be a bigger problem as New York manufacturing data showed on Friday, casting more economic worries for oil. Both U.S. West Texas Intermediate crude and U.K. Brent oil dipped slightly after the Empire State Manufacturing Index slumped to a reading of 3.70 for March, its third consecutive monthly reading below 10 and the lowest since May 2017.
  • The Trump administration is likely to open up portions of the Atlantic to oil and gas drilling despite opposition from East Coast states, a U.S. Interior Department official suggested in remarks at a recent energy industry conference, a recording of which was reviewed by Reuters. The comments come as the administration of President Donald Trump prepares to release a new five-year drilling plan proposal for federal waters that could vastly expand available acreage, part of its broader agenda to maximize U.S. oil, gas and coal production.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Subsidies will be granted to lure talent from outside mainland China to support development of the Greater Bay Area, a project aimed at deepening integration between Hong Kong and southern Guangdong province, the Ministry of Finance’s tax bureau said on Saturday. The subsidies will be provided in nine cities in southern China to individuals from Hong Kong, Macao, and Taiwan and other parts of the world, according to a document released by the bureau.
  • Brazil does not expect the U.S. government to announce support for its bid to join a club of the world’s advanced economies when its President Jair Bolsonaro visits Washington next week, a senior member of his economic team told Reuters on Friday. Brazil, the world’s eighth-largest economy, applied in 2017 to join the Organization for Economic Cooperation and Development (OECD), a forum of three dozen advanced economies that includes Mexico, Chile and Colombia.
  • Turns out that billionaire investor Warren Buffett doesn’t love Modern Monetary Theory either. “I’m not a fan of MMT — not at all,” the Berkshire Hathaway Inc . chief executive officer said Friday in a telephone interview, adding that the deficit spending that’s part of the theory could risk “spiraling” inflation. “We don’t need to get into danger zones, and we don’t know precisely where they are.” Buffett joins critics including Federal Reserve Chairman Jerome Powell, former U.S. Treasury Secretary Larry Summers, Blackrock Inc .

COMEX GOLD SIGNAL

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14Mar

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  •  The United States aims to cut Iran’s crude exports by about 20 percent to below 1 million barrels per day (bpd) from May by requiring importing countries to reduce purchases to avoid U.S. sanctions, two sources familiar with the matter told Reuters. U.S. President Donald Trump eventually aims to halt Iranian oil exports and thereby choke off Tehran’s main source of revenue.
  • Democrats in the U.S. House of Representatives gave a cool reception to the replacement for the North American Free Trade Agreement on Wednesday as the top U.S. trade negotiator opened a campaign to win broad support for the accord in Congress. Several Democrats said a closed-door meeting between United States Trade Representative Robert Lighthizer and their caucus failed to ease their concerns about the new U.S.-Mexico-Canada Agreement’s (USMCA) provisions on labor, biologic drugs and some other issues.
  • Gold futures for April delivery were up $10.95, or 0.8%, at $1,309.05 per ounce on the Comex division of the New York Mercantile Exchange by 2:08 PM ET (18:08 GMT). It hit a near two-week peak of $1,309.60 after settling at $1,309.30, up $11.20. Spot gold, reflective of trades in physical bullion, rose by $7.37, or 0.6%, to $1,308.96 by 2:08 PM ET after a session high at $1,309.46. On Wall Street, the S&P 500 index rose almost 1%, as February producer prices indicated benign inflation that strengthened the Federal Reserve’s patient stance on future rate hikes

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The U.S. agency in charge of federal buildings is blaming Congress for delays and a sudden change in plans for a new FBI headquarters, an issue that lawmakers are investigating as a possible conflict of interest for President Donald Trump. Before Trump was elected, the Federal Bureau of Investigation, currently based near the Trump International Hotel in central Washington, was headed for a new home in the suburbs; its crumbling headquarters, for the wrecking ball. But that all changed abruptly in 2017.
  • British finance minister Philip Hammond said on Wednesday he could free billions of pounds for extra public spending or tax cuts, as long as parliament resolves its Brexit impasse. Hammond told lawmakers he could relax his grip on the public finances if they spared Britain the shock of leaving the world’s biggest trading bloc without an agreement. “I hoped we would do that last night, but I am confident that we, as a House, will do it over the coming weeks,” he said.
  • China’s securities watchdog is tightening scrutiny over gray-market margin financing, barring brokerages from facilitating shadow lending and warning against risks of another credit-fueled bubble. The China Securities Regulatory Commission (CSRC) said on Wednesday that its subsidiary in eastern Zhejiang province last week held a meeting with local brokerages, flagging potential risks associated with illegal margin financing and banning them from doing any form of business that could facilitate such a business.

GOLD TRADING FORECAST TODAY

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11Mar

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Metal traders will continue to monitor gyrations in the U.S. dollar this week after gold prices rose almost 1% on Friday as a weak U.S. employment report sent the greenback lower and clouded the outlook for the global economy. Markets will get the latest reading on U.S. retail sales on Monday, which are expected to show another decline in January after an unexpected drop at the end of 201
  • The Labor Department reported a 20,000-job increase in nonfarm payrolls last month, far fewer than the consensus forecast of 180,000. But traders were encouraged by the unemployment rate falling back below 4% and average hourly earnings accelerating by 0.4%. The U.S. dollar index that tracks the dollar against a basket of six currencies was down 0.36% at 97.314 in late trade.
  • Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling U.S. drilling activity. Despite this, markets were somewhat held back after U.S. employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy. U.S.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Australia’s corporate watchdog rebuked the country’s biggest banks and financial services firms on Monday for delays fixing internal systems that resulted in customers paying fees for services they had not received. The Australian Securities and Investments Commission (ASIC) said it had been supervising the four biggest banks – Commonwealth Bank of Australia, Westpac Banking Corp, Australia and New Zealand Banking Group Ltd and National Australia Bank Ltd – plus investment bank Macquarie Group Ltd and wealth manager AMP Ltd, as they reviewed the systems which led to wrongful fee charging.
  • President Donald Trump will propose in his fiscal 2020 budget on Monday that the U.S. Congress cut non-defense spending by 5 percent while boosting spending on the military, veterans’ healthcare and border security, the White House budget office said on Sunday. The Republican president’s proposal, slated for release at 11:30 a.m. (1530 GMT) on the Office of Management and Budget’s website, is expected to be the first volley in this year’s bitter funding fight with Congress, which has control over federal purse strings.
  •  The tycoon at the center of a decades-old French legal battle that has dragged politicians and business leaders in its wake goes on trial on Monday accused of fraud. Bernard Tapie, the larger-than-life businessman and one-time chairman of Olympique Marseille football club, is embroiled in a fight over a fraught 1993 corporate deal and the compensation he won from the state 15 years later. She was convicted of negligence but escaped fines or jail time.

11march5

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6Mar

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold seems to depend, at least for now, on one factor: China. Prices of the yellow metal remained in negative territory for a seventh straight session on Tuesday. The dip, however, was modest as buying emerged at the lower level on news that China had targeted slower growth for 2019 amid its unresolved trade war with the United States. Gold futures for April delivery settled down $2.80 at $1,284.70 per ounce on the Comex division of the New York Mercantile Exchange.
  • Malaysia will present legal and technical arguments this week against an EU plan to limit the use of palm oil, the head of the country’s marketing agency said on Tuesday, opposing a move that could lead to an eventual ban on the edible oil. The European Commission last month said the use of palm oil in motor fuel should be phased out because oil palm cultivation led to deforestation.
  • Oil prices fell nearly 1 percent on Wednesday as bullish output forecasts by two big U.S. producers and a build in U.S. crude stockpiles outweighed ongoing OPEC-led efforts to rein in crude production. International Brent futures were down 55 cents, or 0.8 percent, at $65.31 a barrel at 0209 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $56.05 per barrel, down 51 cents, or 0.9 percent.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Britain’s 800-year-old parliament has a big decision to make, and little time to make it. After months of drama and delay, the country’s fate could be decided next week in a series of Brexit votes in which lawmakers must choose one of two wood-panelled corridors to shuffle down inside the neo-gothic Westminster palace. Each vote, known as a division, takes about 15 minutes. If it takes too long, the Serjeant-at-Arms, dressed in shiny black shoes, knee-high socks and a long woollen suit, will be sent bearing a ceremonial sword to investigate.
  • Bank of Japan board member Yutaka Harada said on Wednesday the central bank must ramp up stimulus without delay if risks to the economy threaten achievement of its inflation target. Harada, a vocal advocate of aggressive monetary easing, said Japan’s economy was facing growing risks, including from slowing demand in China, simmering trade tensions, volatile stock price moves and weak private consumption.
  • Britain’s scheduled departure from the European Union on March 29 will be delayed by a few months, a Reuters poll found, and a majority of economists say the two sides will eventually agree a free-trade deal. Prime Minister Theresa May is seeking to rework the Brexit deal she agreed with EU leaders and has raised the possibility of a delay of the departure date until June. All but three of 54 economists who answered an extra question in the Feb. 28-March 5 poll said the more than four-decade marriage between Britain and the EU would not be dissolved in a little over three weeks time as planned.

GOLD TRADING FORECAST TODAY

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1Mar

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Oil prices rose on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and a global economic slowdown prevented crude from climbing further. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.45 per barrel at 0116 GMT, up 23 cents, or 0.4 percent, from their last settlement. International Brent crude futures were at $66.55 per barrel, up 24 cents, or 0.4 percent.
  • The United States on Thursday laid out objectives for a trade deal with the United Kingdom that would ensure fair and balanced trade, cut tariff and non-tariff barriers for U.S. industrial and agricultural goods and reduce regulatory differences. The negotiating objectives, required by Congress under the “fast-track trade negotiating authority law, will seek to boost trade between the countries by eliminating tariff and non-tariff barriers,” the U.S. Trade Representative’s office said.
  • India’s diesel consumption may rise to a record this year on increasing infrastructure spending by the current government as it tries to hold off challengers in general elections that will be held over April and May. Surging diesel consumption in India, the world’s third-largest oil user, underscores the country’s importance as a driver of global oil demand. Amid increasing concerns that crude demand growth may slip in 2019 because of slowing economic growth, India’s burgeoning fuel consumption may help underpin oil and fuel prices.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • A rise in productivity last year gives more room for wages to grow without the risk of higher inflation, Federal Reserve Chairman Jerome Powell said on Thursday, offering another reason why the U.S. central bank can hold off on further rate increases. “Signs of upward pressure on inflation appear muted despite the strong labor market,” with unemployment at 4 percent and wage increases picking up of late, Powell said in remarks prepared for delivery at the Citizens Budget Commission in New York.
  • China on Friday said it regretted a lack of support from experts after the United States won a World Trade Organization (WTO) ruling on China’s wheat and rice subsidies. The Ministry of Commerce said in a statement that government support for the agriculture sector was allowed under WTO rules and was a common practice among countries. China will continue to promote development of the sector in line with WTO rules and safeguard the stability of the multi-lateral trade system, it added.
  • Faced with a serious slowdown in euro zone economic growth, the European Central Bank is set to delay hiking interest rates from record lows until next year and will soon re-launch its offer of long-term loans to banks, a Reuters poll found. But over 60 percent of economists said there would be no change to rate guidance at its March 7 policy meeting or any official announcement yet of long-term loans.

COMEX GOLD SIGNAL

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28Feb

COMEX MARKET IN SINGAPORE | GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Venezuelan opposition leader Juan Guaido was to arrive in Brazil on Wednesday night to meet with Brazilian President Jair Bolsonaro as part of a tour of several nations to drum up international pressure on President Nicolas Maduro to step down. Guaido last month invoked constitutional provisions to assume an interim presidency, arguing Maduro’s re- election was fraudulent.
  • Oil prices dipped on Thursday, dragged down by China’s weakening economy and record U.S. crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC. International Brent crude futures were at $66.23 per barrel at 0129 GMT, down 16 cents, or 0.2 percent from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.90 per barrel, down 4 cents from their last settlement.
  • The range-bound, tight moves in gold may be reaching an inflection point with the U.S. saying that reaching a trade deal with China isn’t going to be easy. Investors have been using gold as a hedge toward the U.S.-China trade negotiations, extending the yellow metal’s safe-haven play. Gold did not rise as expected on Wednesday as Wall Street’s main indexes fell on U.S. trade representative Robert Lighthizer’s admission that issues with China were “too serious” to be resolved by promises of more purchases of U.S. goods by Beijing.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Bank of Japan board member Hitoshi Suzuki said on Thursday the country’s financial institutions could see their profits hurt by rising credit costs if the economy slips into recession. “Japan’s banking system remains stable. But we must continue to scrutinize how financial institutions, including regional ones, are doing business and what risks they are taking,” Suzuki said in a speech to business leaders in Mito, eastern Japan.
  • Japan’s factory output posted the biggest decline in a year in January in a sign slowing Chinese demand and the Sino- U.S. trade war were taking a toll on the country’s manufacturing sector, a major driver of economic growth. The 3.7 percent fall in output, which closely tracks broader economic growth, was bigger than the median market forecast for a 2.5 percent drop and marked the third straight month of contraction, the data showed on Thursday.
  • Mexico’s central bank on Wednesday trimmed its economic growth forecasts for this year and next, while flagging the risk of a sovereign ratings downgrade and warning of persistent inflationary pressures. In a quarterly report, the bank lowered its Mexican growth forecast to between 1.1 percent-2.1 percent for full-year 2019 and 1.7 percent to 2.7 percent for 2020, echoing increasing skepticism among private sector economists on the economic outlook. The bank had previously forecast growth of between 1.7 percent-2.7 percent for 2019, and 2.0 percent-3.0 percent for 2020.

GOLD TRADING FORECAST TODAY

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25Feb

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • This week gold prices are likely to remain sensitive due to the ongoing trade talks between the U.S. and China, while U.S. economic data will also be closely watched for its impact on the greenback, one of the biggest drivers for the precious metal. On Friday U.S. President Donald Trump said he was open to extending the March 1 deadline for hiking tariffs on $200 billion worth of Chinese goods to 25% as long as progress was being made in negotiations between the two sides.
  • Chinese officials are jamming up imports of Australian coal, with at least one major port suspending customs clearance, but Beijing has denied a report of an official ban. The foreign ministry on Friday said the report of a block on Australian coal at one northern port was false, echoing information from miners, Canberra lawmakers and people familiar with official orders in China.
  • Oil prices rose on Monday as Washington and China appeared to edge closer to a trade deal, dampening fears over the outlook for global economic growth. International Brent crude oil futures were at $67.26 a barrel at 0005 GMT, up 14 cents, or 0.2 percent, from their last close. They ended Friday little changed after touching their highest since Nov. 16 at $67.73 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $57.38 per barrel, up 11 cents, or 0.2 percent, from their last settlement.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The Bank of Japan can abandon its 2 percent inflation target or suspend efforts to achieve it once the job market is tight enough because the public is better off having prices fall, not rise, an economic adviser to Prime Minister Shinzo Abe said. While inflation is stuck near 1 percent, the BOJ’s ultra-loose monetary policy is going well as it created jobs and boosted wages for temporary workers, said Koichi Hamada, who is considered as among the key architects of the premier’s “Abenomics” stimulus policies.
  • President Donald Trump said on Sunday he would delay an increase in U.S. tariffs on Chinese goods thanks to “productive” trade talks and that he and Chinese President Xi Jinping would meet to seal a deal if progress continued. Trump had planned to raise tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports into the United States if a deal between the world’s two largest economies were not reached by Friday.
  • Democratic state governors say their party needs to challenge President Donald Trump’s record on the economy as he seeks re-election next year, by focusing on middle-class Americans who have not seen the benefits of economic growth. Trump believes he has a winning hand with the economy and frequently touts a low unemployment rate, strong growth and stock market gains since his 2016 election victory.

COMEX GOLD SIGNAL

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18Feb

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold is at an inflection point as traders muse over what’s more important to the market — a U.S.-China trade deal that could knock bullion off its $1,300 perch or a spike in Brexit/Venezulea worries that may result in new 2019 highs. The spot price of bullion and futures of gold hit two-week highs on Friday as a string of weak economic data from earlier in the week and subdued inflation supported the Federal Reserve’s stance of being “patient” with future rate hikes.
  • Venezuela’s opposition has no plans to use funds belonging to U.S. refiner Citgo, which is owned by state oil company PDVSA, despite having named a new board for the company this week, the self-declared interim government’s U.S. envoy said on Friday. The opposition will not make changes to the refining company’s management or operations until Juan Guaido, the leader of Venezuela’s opposition-controlled Congress who swore himself in as president last month, has control of state functions, said Carlos Vecchio, Guaido’s representative in Washington.
  • The good news is flowing in from all corners for oil bulls. Trade talks in Beijing, outage at the biggest Saudi oilfield and commodities merchant Trafigura’s apparent decision to halt trading in Venezuelan crude are all combining to create the largest weekly gain for oil this year.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • A confidential Commerce Department report due to be sent to Donald Trump on Sunday is widely expected to clear the way for the U.S. president to threaten tariffs on imported autos and auto parts by designating the imports a national security threat, auto industry officials said on Friday. The report’s recommendations may bring the global auto industry a step closer to its worst trade nightmare – U.S. tariffs on millions of imported cars and parts of up to 25 percent that many in the industry fear would add thousands of dollars to the cost of vehicles and potentially cost hundreds of thousands of jobs throughout the U.S. economy.
  • Democratic lawmakers, states and others mulling legal challenges to President Donald Trump’s national emergency declaration to obtain funds to build a U.S.-Mexico border wall face an uphill and probably losing battle in a showdown likely to be decided by the conservative-majority Supreme Court, legal experts said.
  • U.S. comparisons with previous quarters are of course skewed by President Donald Trump’s generous tax breaks, which handed companies a big windfall in early 2018 but have now expired. The swift pace and depth of cuts to estimates are raising concerns this may be the start of a trend, as companies struggle with margin squeezes and debt. After all, as recently as December, Q1 earnings were seen expanding by 5.3 percent.

COMEX GOLD SIGNAL

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