Comex Market

7Jan

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

  •  A rotten Apple was good for gold, with the precious metal reaching within $5 of $1,300 Thursday after weak stock markets pushed investors away from risk and toward safe havens. U.S. stocks fell about 2% as investors, already spooked by a rare profit warning from Apple (NASDAQ:AAPL), were further rattled by the biggest drop in a decade for a key gauge on factory activity.
  • Oil prices fell on Friday after the United States followed most other major economies into a manufacturing downturn, although supply cuts by producer club OPEC kept declines in check. International Brent crude futures (LCOc1) were down 39 cents, or 0.7 percent, at 0155 GMT at $55.56 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) were at $46.93 per barrel, down 16 cents, or 0.3 percent.
  • U.S. oil and gas executives’ outlook turned negative for the first time since the low point of the last oil bust, according to results of a survey released on Thursday by the Federal Reserve Bank of Dallas. A survey of executive sentiment fell to -10 from 47 in the prior quarter, the first negative reading since early 2016, when U.S. crude prices (CLc1) plummeted to $26 per barrel.

INTERNATIONAL COMEX NEWS

ECONOMY NEWS

  • Fed Chair Jerome Powell’s hope for a more plainspoken approach to his job may have landed him in hot water with markets and require more “nuance” going forward, a former top Fed official said on Thursday in a critique of the current U.S. central bank. As the Fed begins a broad review of its operations, former Fed Vice Chair Donald Kohn said in what he called a “memo” that Powell and an array of other Fed officers needed to overhaul how they communicate so both investors and the public have a better sense of the central bank’s job and policies.
  • Investors pulled $98 billion from U.S.-based stock funds in December, a calendar-month record that emphasizes the diminishing goodwill in financial markets, preliminary Lipper estimates showed on Thursday. Fund investors trimmed their risk in the final days of 2018 to hunker down in case the Federal Reserve is too aggressively tightening monetary policy ahead of an economic slowdown and as the United States and China spar over trade. Some people see recent equity declines as a buying opportunity and are stockpiling cash to take advantage should prices fall further.
  • Democrats wasted no time flexing their new power in the U.S. House of Representatives on Thursday as they maneuvered to pass legislation backed by new Speaker Nancy Pelosi that would end a 13-day partial government shutdown while ignoring President Donald Trump’s demand for $5 billion for a border wall. Thursday marked the first day of divided government in Washington since Trump took office in January 2017, as Democrats took control in the House from his fellow Republicans, who remain in charge of the Senate.

GOLD TRADING FORECAST TODAY

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3Jan

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 continued its effort to move past the $1,300 tape as dismal data on global factory activity pushed investors back from risk as markets began trading for 2019. Futures of the yellow metal hit near 7-month highs above $1,290 per troy ounce on Wednesday after China’s Purchasing Manager Index (PMI) contracted for the first time in 19 months in December.
  • Oil began 2019 trading weakly in Asia and Europe before ending up nearly 3% higher in New York after Bloomberg reported a deliberate curtailment by Saudi Arabia of its shipments to the United States and China last month. U.S. West Texas Intermediate crude settled up $1.13, or 2.5%, at $46.54 per barrel. U.K. traded Brent, the global oil benchmark, rose by $1.04, or 1.9%, to $54.84 by 2:39 PM ET (19:39 GMT).
  • Oil prices gave back half of Wednesday’s gains, weighing on the CAD. Canadian Market Manufacturing PMI fell in December to 53.6. The Canadian dollar was among the strongest against the greenback on Wednesday, underpinned by oil prices´ recovery during the US session, sending the pair down to 1.3570 despite soft Canadian data, as the Canadian Market Manufacturing PMI fell in December to 53.6 from 54.9 in November, another sign of global economic slowdown.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • U.S. fund investors anguished over economic growth and policies pulled the most cash from stocks in any weekly period since last February, Investment Company Institute data showed on Wednesday. Mutual funds and exchange traded funds (ETFs) tracked by the trade group reported $37.8 billion in withdrawals overall, a 12th week of declines and the most cash pulled since a Chinese growth scare in August 2015.
  • President Donald Trump threatened on Friday to close the southern U.S. border with Mexico unless he gets the money he wants for a wall, raising the stakes in a standoff that will present an immediate test next week for the new U.S. Congress. When Nancy Pelosi and the Democrats take control of the U.S. House of Representatives on Thursday, they plan to quickly approve a spending measure meant to end a partial government shutdown that began on Dec. 22, triggered by Trump’s demand for $5 billion in funding for his proposed wall.
  • The European Central Bank appointed three temporary administrators on Wednesday to take charge of Italy’s Carige bank (MI:CRGI) in an unprecedented effort to save the struggling lender after it failed to raise new capital. Italy’s 10th largest bank said the administrators would seek fresh talks with the country’s deposit guarantee fund, which lent it 320 million euros ($364 million) via a convertible bond last year to help it meet a year-end deadline to boost capital.

COMEX GOLD SIGNAL

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31Dec

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’s target for $1,300 remains intact, but gold bugs seem in no hurry to get there, awaiting equity markets to sink for the next big gold move higher. COMEX gold futures hit new six-month highs on Friday, reaching $1,284.55 per troy ounce. But instead of settling at those peaks in a push toward $1,300, the market gave back some, to finish up $1.45, or 0.1%, at $1,280.65.
  • The U.S.-China trade war resulted in billions of dollars of losses for both sides in 2018, hitting industries including autos, technology – and above all, agriculture. Broad pain from trade tariffs outlined by several economists shows that, while specialized industries including U.S. soybean crushing benefited from the dispute, it had an overall detrimental impact on both of the world’s two largest economies.
  • The Trump administration on Friday said limits on mercury emissions from coal-fired power plants were unnecessary as they were too costly, sparking an outcry from environmentalists who feared the next step would be looser rules favoring the coal industry at the expense of public health. Under the Mercury and Air Toxic Standards, or MATS, enacted under former President Barack Obama, coal-burning power plants were required to install expensive equipment to cut output of mercury, which can harm pregnant women and put infants and children at risk of developmental problems.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • China will restrict imports of scrap steel and aluminum from July 1, the environment ministry said on Saturday. Scrap steel and aluminum would be moved from an unrestricted import list of solid waste products usable as raw materials to a restricted import list, the Ministry of Ecology and Environment said in a statement. Relevant departments were researching the formulation of standards for recycled copper and aluminum, it said.
  • The Federal Emergency Management Agency (FEMA) said on Friday it will resume issuing new flood insurance policies during the partial U.S. government shutdown, reversing a decision announced two days ago. FEMA, which oversees the National Flood Insurance Program, said it was rescinding guidance issued on Wednesday that it would not be able to sell new policies during the shutdown unless Congress passes legislation reauthorizing the program.
  • President Donald Trump threatened on Friday to close the southern U.S. border with Mexico unless he gets the money he wants for a wall, raising the stakes in a standoff that will present an immediate test next week for the new U.S. Congress. When Nancy Pelosi and the Democrats take control of the U.S. House of Representatives on Thursday, they plan to quickly approve a spending measure meant to end a partial government shutdown that began on Dec. 22, triggered by Trump’s demand for $5 billion in funding for his proposed wall.

GOLD TRADING FORECAST TODAY

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27Dec

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Wall Street’s rebound isn’t scaring off gold bugs, who’ve got a host of worries on their side to bolster the precious metal’s standing as a safe haven. The S&P 500 and the Dow jumped more than 4%, percent each while the Nasdaqsurged more than 5% in the first day of trading following the Christmas holiday. To help soothe investors’ nerves, a White House official said the head of the Federal Reserve faced no risk of losing his job and that President Donald Trump was happy with his Treasury Secretary.
  • Last July 6, Major General Manuel Quevedo joined his wife, a Catholic priest and a gathering of oil workers in prayer in a conference room at the headquarters of Petroleos de Venezuela SA, or PDVSA. The career military officer, who for the past year has been boss at the troubled state-owned oil company, was at no ordinary mass. The gathering, rather, was a ceremony at which he and other senior oil ministry officials asked God to boost oil output.
  • U.S. oil prices on Thursday extended their sharp climb from the session before amid rising stock markets, but worries over a glut in crude supply and concerns over a faltering global economy kept a lid on gains. U.S. West Texas Intermediate (WTI) crude futures, were up 26 cents, or 0.56 percent, at $46.48 per barrel at 0032 GMT. They jumped 8.7 percent to $46.22 per barrel in the previous session.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The European Union will accept France running a budget deficit higher than the EU’s 3 percent ceiling next year, as long as it is a one-off event, EU Budget Commissioner Guether Oettinger said on Thursday. France said last week that its headline deficit could grow to 3.2 percent of output next year from 2.8 percent initially planned. President Emmanuel Macron is under strong pressure from violent protests at home to ease the impact of fiscal reforms.
  • A U.S. trade team will travel to Beijing the week of Jan. 7 to hold talks with Chinese officials, Bloomberg reported on Wednesday, citing two people familiar with the matter. The delegation will be led by Deputy U.S. Trade Representative Jeffrey Gerrish and will include David Malpass, Treasury under secretary for international affairs, Bloomberg said. U.S. and Chinese officials have spoken by phone in recent weeks, but next month’s meeting would be the first in-person talks since President Donald Trump met with his Chinese counterpart, Xi Jinping, in Buenos Aires on Dec. 1.
  • JPMorgan Chase & Co (N:JPM) will pay over $135 million to settle charges it mishandled so-called “pre-released” American Depositary Receipts (ADRS), the Securities and Exchange Commission announced on Wednesday. The regulator said the investment bank improperly provided ADRs, which are U.S. securities that represent foreign shares of foreign companies, to brokers even though the brokers and their clients lacked the corresponding foreign shares.

COMEX GOLD SIGNAL

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24Dec

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 traders will continue to monitor political risks and watch developments in equity markets in the week ahead, after the failure by the U.S. Congress and President Donald Trump to agree to a spending bill by midnight Saturday resulted in a partial U.S. government shutdown. Gold is often sought in times of geopolitical tension or market turbulence. Elsewhere, on the data front, the U.S. will see a relatively quiet week in terms of economic releases, with reports on consumer confidence and the housing sector expected to draw the most attention.
  • OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per day does not balance the market next year, the United Arab Emirates’ energy minister said on Sunday.
  •  Oil prices dipped on Monday ahead of the Christmas holiday break, adding to last week’s steep losses on concerns about a global oversupply. International benchmark Brent crude (LCOc1) futures fell 27 cents, or 0.5 percent, to $53.55 a barrel at 0106 GMT. Brent touched $52.79 on Friday, its lowest since September 2017. U.S. West Texas Intermediate (WTI) crude futures (CLc1) eased 8 cents, or 0.1 percent, to $45.51 a barrel.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • U.S. President Donald Trump’s Treasury secretary called top U.S. bankers on Sunday amid an ongoing rout on Wall Street and made plans to convene a group of officials known as the “Plunge Protection Team.” U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index (SPX) on pace for its biggest percentage decline in December since the Great Depression.
  • China and the United States held a vice ministerial-level call on Friday, the second such contact in a week, achieving a “deep exchange of views” on trade imbalances and the protection of intellectual property, the Chinese Ministry of Commerce said. A statement posted on the ministry’s website on Sunday said the two countries “made new progress” on those issues, without specifying further.
  • China is considering introducing a new law on foreign investment to replace three existing laws on joint ventures and wholly owned foreign firms, state news agency Xinhua reported on Sunday. A draft law on foreign investment has been submitted to the National People’s Congress (NPC) Standing Committee, according to Xinhua. The draft, which could take more than a year to be signed into law, includes policies on promoting and managing foreign investment.

GOLD TRADING FORECAST TODAY

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20Dec

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • The dollar index, a contrarian bet to gold and other commodities, remained down 0.2% at 96.377, after the Fed indicated it would take into account “a wide range of information” in deciding further rate hikes and its dot plot indicated expectations from the FOMC of two rate hikes in 2019, down from three. The FOMC said in determining the timing and size of future rate adjustments, it “will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective.”
  • Despite data showing a disappointing U.S. crude inventory draw, oil prices jumped 2% on Wednesday, recouping about a third of the previous day’s losses after the Federal Reserve indicated there could be fewer rate hikes next year. U.S. West Texas Intermediate crude settled up 96 cents, or 2.1%, at $47.20 per barrel. It had fallen 7% on Tuesday and plumbed an August 2017 low of $46.12. U.K. Brent, the global oil benchmark, was up 30 cents, or 0.5%, at $56.56 per barrel by 3:10 PM ET (20:10 GMT).
  • China’s Sinograin said it had recently bought a few batches of soybeans from the United States, amid a truce in a trade war between the two nations. The state stockpiler made the purchases “to implement the consensus achieved by China and the United States’ heads of state”, it said in a statement dated Dec. 19 that was published on its website.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • After weeks of market volatility and calls by President Donald Trump for the Federal Reserve to stop raising interest rates, the U.S. central bank instead did it again, and stuck by a plan to keep withdrawing support from an economy it views as strong. U.S. stocks and bond yields fell hard. With the Fed signaling “some further gradual” rate hikes and no break from cutting its massive bond portfolio, traders fretted that policymakers could choke off economic growth.
  • The U.S. Treasury and U.S. Trade Representative’s office signed a bilateral deal with the United Kingdom to provide insurance market regulatory certainty and continuity after the country exits the European Union, they said in a statement on Wednesday. The Treasury and USTR signed the pact on Dec. 18, according to the statement published on the USTR’s website. They had announced their intent to sign the U.S.-UK Covered Agreement earlier this month, in a bid to provide stability as Britain prepares to leave the EU on March 29, 2019.
  • The U.S. Federal Reserve has begun signaling the end of its rate-hike cycle is not far off, winding down its sometimes Sisyphean effort to restore a semblance of normalcy to monetary policy. It has been a slow slog – the Fed has managed just nine increases in three years, and it may squeeze in just a couple more.

COMEX GOLD SIGNAL

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17Dec

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

  • It had to be one safe-haven or the other and the dollar triumphed at the expense of gold on Friday as signs of slowing growth in China sparked risk aversion across the globe. A contrarian trade to bullion, the dollar hit 19-month highs after Beijing’s weakest retail sales performance in 15 years and smallest industrial output in almost three years cast doubts about demand in the No. 2 economy.
  •  U.S. energy firms cut oil rigs for a second week in a row this week, prolonging a move by drillers over the past month to reduce the number of active rigs after crude prices collapsed in October and November. Drillers cut four oil rigs in the week to Dec. 14, bringing the total count down to 873, the lowest since mid October, General Electric Co’s (N:GE) Baker Hughes energy services firm said in its closely followed report on Friday.
  • Brazil is prepared in the event China removes tariffs on U.S. soy, which had driven down prices for the oil seed in Chicago and driven up the premiums over U.S. prices paid for Brazilian beans, outgoing Agriculture Minister Blairo Maggi said on Friday. Maggi, who will step down when President-elect Jair Bolsonaro takes office Jan. 1, said removing the tariffs would lead prices in Chicago and Brazil to converge and bring greater predictability to the soy market that would benefit Brazilian farmers.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The United States won a legal battle over “dolphin safe” tuna-labeling on Friday, when the World Trade Organization’s appeals judges dismissed Mexico’s argument that the U.S. labeling rules violated WTO rules. More than 10 years after the dispute first came to the WTO in October 2008, the WTO ruling ended Mexico’s claim that U.S. labeling rules unfairly penalized its fishing industry.
  • The U.S. Trade Representative’s office on Friday officially changed the scheduled date of a tariff rate increase on $200 billion worth of Chinese goods to 12:01 a.m. EST (0501 GMT) on March 2, 2019 as the United States and China pursue talks on trade and intellectual property. The change was made in a Federal Register filing from a previously scheduled effective date of Jan. 1, 2019 for the increase to 25 percent from 10 percent.
  • As U.S. stocks have been rocked by trade tensions and monetary policy worries, shares of small-cap companies, by one measure, have now confirmed that they are in their first bear market in three years. On Friday, the small-cap S&P 600 Index (SPCY) fell 1.6 percent to mark a 20.05 percent decline from its Aug. 31 closing high. A drop of 20 percent or more from a record or long-standing high closing level is the typical definition of a bear market.

For More information and daily updated SGX stock picks, Comex signals, Forex signals Click here – http://www.epicresearch.sg or Whatsapp us at +917312580605

13Dec

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 prices ticked higher on Wednesday, hitting the best levels of the session after data showed that U.S. consumer price growth slowed in November. Comex gold futures were up $4, or about 0.3%, at $1,251.20 a troy ounce by 8:45 AM ET (13:45 GMT), not far from a five-month peak of $1,256.60 touched at the start of the week. Meanwhile, spot gold was trading at $1,246.28 per ounce, up $3.30, or 0.25%.
  • OPEC said on Wednesday it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week’s decision to trim output. In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it currently produces.
  • Oil rose to about $61 a barrel on Wednesday, supported by an industry report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output. The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped by 10.2 million barrels last week, more than analysts had forecast. Official inventory figures are due later on Wednesday. Brent crude (LCOc1), the global benchmark, rose $1.07 to $61.27 by 0947 GMT.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Proposals for reforming the World Trade Organization fail to deal with problems raised by the United States, U.S. Ambassador Dennis Shea told the WTO’s General Council on Wednesday. “With respect to the proposal advanced by the European Union, China, and India, it is hard to see how it in any way responds to the concerns raised by the United States,” he said, according to a transcript provided to Reuters.
  • China plans to give foreign companies greater access to its economy and is drafting a replacement of its plan to dominate advanced technologies by 2025, the Wall Street Journal reported Wednesday, citing sources briefed on the strategy. Beijing’s changes would come in response to pressure from U.S. President Donald Trump, who launched a tit-fortat tariff dispute with China this year aimed at balancing trade and giving American firms increased access to the world’s second-largest economy.
  • European Union leaders will ditch proposals to use a euro zone budget for economic stabilization and restrict any funds to long-standing EU goals of convergence among their economies and increasing competitiveness, draft summit conclusions showed on Wednesday. The likely outcome of Friday’s summit are a blow to German Finance Minister Olaf Scholz, a Social Democrat who wanted any euro zone budget to play a stabilization role via a shared unemployment insurance scheme for the zone’s 19 member states.

COMEX GOLD SIGNAL

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11Dec

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 prices fell on Monday, turning lower after reaching their best level in five months on the back of expectations that the Federal Reserve will need to slow its pace of rate hikes next year. Comex gold futures were down $2.10, or almost 0.2%, to $1,250.45 a troy ounce by 8:40AM ET (13:40 GMT), having earlier touched $1,256.60, the most since July 11. Meanwhile, spot gold was trading at $1,245.10 per ounce, down $3.40, or around 0.3%.
  • Oil prices slumped on Monday, erasing some of last week’s strong gains from an agreement among major producers to curb output in the coming year, while analysts debated whether the deal is enough to rebalance the market. New Yorktraded West Texas Intermediate crude futures fell 96 cents, or 1.82%, at $51.65 a barrel by 9:02 AM ET (14:02GMT).
  •  Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global crude output cuts. The shutdown at the Sharara field will result in a production loss of 315,000 barrels a day, the state energy producer National Oil Corp. said on its website. Sharara is operated by a joint venture between the NOC and Total SA (PA:TOTF), Repsol (MC:REP) SA, OMV AG and Equinor ASA, known formerly as Statoil (OL:EQNR) ASA.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The Governor of the Reserve Bank of India, Urjit Patel, resigned suddenly on Monday, following months of pressure from Prime Minister Narendra Modi’s government that is threatening the independence of the central bank, sending the rupee tumbling. Government officials have been complaining in the past few months that the central bank should allow lenders to make loans more easily, and want the RBI to hand over some of its surplus reserves to help fund the fiscal deficit.
  • Bethlehem is enjoying its busiest Christmas season on record, the Palestinian Ministry of Tourism said on Monday, with hotels in the birthplace of Jesus almost fully booked for the holiday. Tourism has recovered following a fall in knife and car-ramming attacks which helped push visitor numbers in the biblical city to a 10-year low in 2015. Bethlehem store owners also said they were benefiting from a surge of visitors to Israel in its 70th anniversary year.
  • British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on her Brexit deal, throwing Britain’s plan to leave the European Union up in the air on the eve of the vote after repeated warnings from lawmakers she faced a rout. While there was no immediate official announcement, a source in Whitehall, the center of British power, said the vote would be delayed, a decision the government could take without having to get the approval of parliament.

COMEX GOLD SIGNAL

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7Dec

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 prices were flat on Thursday after the arrest of a top executive at China-based Huawei Technologies sparked worries that it could reignite the U.S.-Sino trade dispute. Comex gold futures for February delivery inched up 0.04% to $1,243.05 a troy ounce as of 8:52 AM ET (13:52 GMT). Market sentiment was on edge after Meng Wanzhou, the chief financial officer at smartphone company Huawei was arrested in Canada on an an extradition request by the U.S. The U.S. has been investigating whether or not she violated sanctions against Iran.
  • OPEC tentatively agreed an oil-output cut on Thursday but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said. Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin in St Petersburg.
  • The Trump administration is expected on Thursday to roll back an Obama-era rule that requires new coal plants to capture their carbon emissions, a move that could crack open the door in coming years for new plants fired by the fossil fuel. The Environmental Protection Agency (EPA) will make an “energy policy announcement” at 1:30 p.m. EST (1830 GMT) on Thursday.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Remainers were jubilant when an adviser to the European Union’s top court said the U.K. should be able to change its mind about Brexit. But the opinion of Advocate General Manuel Campos Sanchez-Bordona is non-binding on the EU’s Court of Justice — meaning judges can decide for themselves as they prepare to issue a landmark ruling on whether Britain could unilaterally revoke the “Article 50” letter that started the clock ticking on Brexit.
  • China and India may be talking about improving their trade relationship but there is little action to go with the words. According to Indian government officials and representatives of various Indian trade bodies, progress is very slow – and may even be getting slower after last weekend’s truce between the United States and China in their trade war. Both India and China have sought to rebuild trust after a armed standoff over a stretch of the Himalayan border last year.
  • Britain will suspend its top tier investor visas, which require 2 million pounds ($2.55 million) in investment, as part of a drive to crack down on organized crime and money laundering. From Russian oligarchs and Middle Eastern oil barons to newly-minted Chinese entrepreneurs, the wealthy have flocked to London over the past two decades, snapping up everything from opulent homes to soccer clubs.

7dec5

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