Comex Market

20Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

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INTERNATIONAL COMEX NEWS

  • Gold prices Friday were set to post their biggest weekly slump since April last year as fears over a slowdown in China and a stronger dollar wreaked havoc in metals earlier this week. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $0.40, or 0.08%, to $1,184.80 troy ounce. The rise in gold prices Friday arrived as the dollar gave up some of its earlier-week gains to trade roughly flat on the week.
  • WTI crude oil prices ended lower for a third-straight week, despite settling higher Friday amid reports the U.S. and China are mapping out plans to resolve their trade war later this year. On the New York Mercantile Exchange crude futures for September delivery rose 45 cents settle at $65.91 a barrel, while on London’s Intercontinental Exchange, Brent rose 0.63% to trade at $71.88 barrel.
  • The U.S. Trade Representative’s office said on Friday it doubled the length of tariff hearings on the next $200 billion worth of Chinese goods to six days from the previously planned three due to overwhelming demand from companies to testify. The hearings will be held Aug. 20-24 and on Aug. 27, from 9:30 a.m. to 6 p.m. EDT (1330-2200 GMT), the USTR said in a statement.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Mexico’s economy minister Ildefonso Guajardo said on Friday he hopes to conclude by the middle of next week outstanding bilateral issues with the United States surrounding the renegotiation of the North American Free Trade Agreement (NAFTA). “Hopefully we will be able to close up no later than the middle of the week,” Guajardo told reporters outside the U.S.
  • The U.S. and Mexico are resolving their differences on agricultural products covered under Nafta after the Trump administration withdrew some of its sweeping demands, bringing the nations closer to an overall deal, according to five people familiar with the discussions. American negotiators dropped their demand in the last week to erect barriers against seasonal imports of a wide variety of Mexican farm goods, according to the people, who asked not to be named discussing private negotiations.
  • The United Nations Human Rights Committee has asked Brazil to guarantee the political rights of jailed former president Luiz Inacio Lula da Silva, prompting a swift response by Brazil’s foreign ministry pointing out the recommendation had no legal significance. In a statement posted on its website on Friday, the UN Human Rights Committee said it has “requested Brazil to take all necessary measures to ensure that Lula can enjoy and exercise his political rights while in prison, as candidate in the 2018 presidential elections.”

COMEX GOLD SIGNAL

17Aug

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 prices dropped on Thursday while the U.S. dollar also slid despite higher demand in safe-haven assets amidst the Turkish lira crisis. Gold Futures for December delivery went down by 0.48% to $1,179.2 per troy ounce at 12:02AM ET (04:02 GMT) on the Comex division of the New York Mercantile Exchange. The U.S. dollar index that tracks the greenback against a basket of six other currencies also pulled back to 96.36, down by 0.24% after hitting a 13-month high in the previous session.
  • U.S. crude prices plunged further on Wednesday, hitting an eight-week low after data showed that U.S. oil stockpiles rose unexpectedly last week. West Texas Intermediate crude was down $1.73, or roughly 2.5%, at $65.36 a barrel on the New York Mercantile Exchange by 10:33AM ET. It was the lowest level since June 21. Prices were at around $65.86 prior to the release of the inventory data.
  • Oil prices were mixed on Thursday as data from the Energy Informational Administration (EIA) showed the U.S. crude inventory level unexpectedly hiked by 6.8 million barrels in the week ending Aug 10. Analysts previously forecasted stockpiles would fall by 2.5 million barrels.

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ECONOMY NEWS

  • Lebanese banks are pulling out the stops to bring in dollars as the country strives to preserve a two-decade old currency peg, offering high returns to customers willing to change their hard currency into long-term Lebanese pound deposits. It is one sign of Lebanon’s determination to maintain monetary stability as political leaders’ warnings of economic crisis have fueled rumors that have led the central bank to issue repeated assurances about the peg’s soundness.
  • Swept along by super-easy money, investors have debated for years how world markets will react when this central bank largesse inevitably ends. Now the liquidity tide is about to turn, and they have only a few months to adjust. The world’s four biggest central banks – the U.S. Federal Reserve, European Central Bank, Bank of Japan and the Bank of England – have pumped around $13 trillion into the global economy since the crisis year of 2009, sharply expanding their own balance sheets of financial assets.
  • Last year, Abbey Jones’ high school routine had a twist. For 45 minutes each week, she became one of 15 student tellers at the Community Spirit Bank branch at Red Bay High School in Red Bay, Alabama. Her job? To handle her peers’ transactions and market the bank’s student-specific accounts. Community Spirit has used a digital platform to teach Red Bay students financial concepts for roughly five years.

GOLD TRADING FORECAST TODAY

 

16Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

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INTERNATIONAL COMEX NEWS

  • Gold prices recovered from an 18-month low on Tuesday, as the U.S. dollar softened, . Comex gold futures for August delivery rose 0.47% to $1,204.50 a troy ounce as of 10:37 AM ET (14:37 GMT). Gold fell to an 18-month low on Monday, after economic turmoil in Turkey caused the Turkish lira to plunge to an all-time low of 7.1289. The lira recovered on Tuesday, breaking a 5-day losing streak after the country’s central bank pledged to provide liquidity in response to a meltdown that led to a global sell-off in equities.
  • Prices for U.S. farm exports dropped in July by the most in more than six years as a trade war with China heated up, Labor Department figures showed Tuesday. Agricultural export prices fell 5.3 percent from the prior month, the biggest drop since October 2011, as soybean prices plummeted 14.1 percent. Export prices for corn, wheat, fruits and nuts also slumped in July. The overall export price index dropped 0.5 percent, the most since May 2017, the department said.
  • Oil prices rose on Tuesday after reports revealed that top exporter Saudi Arabia cut production one month after it agreed the Organization of the Petroleum Exporting Countries (OPEC) to produce more crude. Meanwhile, OPEC remains positive on overall demand. Brent Oil Futures for October delivery went up 0.30% to $72.83 per barrel at 1:00AM ET (05:00 GMT), while Crude Oil WTI Futures for September delivery also edged upwards by 0.45% to $67.50 per barrel.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • A planned budget for the euro zone could be integrated into the broader spending funds of the European Union, Chancellor Angela Merkel said on Tuesday, adding she sees no immediate need for a finance minister for the currency bloc. Speaking to residents of the eastern city of Jena during a “town hall” meeting, Merkel repeated her support for an agreement reached with France in June to boost investments and strengthen economic convergence in the euro zone.
  • Major Tesla Inc (O:TSLA) shareholder, Fidelity Investments, cut its stake in the electric automaker by 21 percent during the second quarter, before Chief Executive Elon Musk announced his plan to take the company private earlier this month. FMR LLC, the Boston-based manager of the Fidelity funds, sold 3 million shares, or a fifth of its stake, and held under 11.2 million shares by June 30, it said in a filing with the U.S. Securities and Exchange Commission (SEC) late on Friday.
  • The Turkish lira crisis is far from over. The country is potentially heading into a balance-of-payments crisis, according to UBS. President Tayyip Erdogan has made multiple speeches showing that he does not understand basic economics. Without a sharp rise in interest rates, which Erdogan opposes, Turkey may have to restrict cash withdrawals from banks or get a bailout from the IMF.

COMEX GOLD SIGNAL

14Aug

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 prices traded lower on Monday, with spot prices hitting a 17-month low, as concerns over the crisis in Turkey sent investors flocking to the dollar, dampening demand for the precious metal. At 4:19 AM ET (8:19 GMT), spot gold fell $6.60, or 0.54%, to $1,204.81, just off an intraday low of $1,203.83, its lowest level since March 2017. Meanwhile, gold futures for December delivery on the Comex division of the New York Mercantile Exchange lost $7.00, or 0.57%, to $1,212.00 a troy ounce.
  • A vessel carrying U.S. soybeans was unloading its cargo worth at least $23 million at the Chinese port of Dalian on Monday, becoming one of the first shipments to incur hefty new import duties as the trade row deepens between Beijing and Washington. The docking of the vessel after five weeks anchored off China’s coast ended long-running speculation over the fate of the cargo, which had captured public attention.
  • OPEC on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production. In a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.05 million barrels per day (bpd) of crude from its 15 members in 2019, down 130,000 bpd from last month’s forecast.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Having sunk to 13-month lows, sterling could fall by up to another 10 percent in the coming months should Britain crash out of the European Union without a deal on future trade ties, luring more speculators to bet against the currency. Sterling lost almost two percent last week just as British holidaymakers were heading off for some overseas sun . The latest move lower was kickstarted by trade minister Liam Fox’s warning that, with Britain less than eight months from its scheduled EU departure date in March, there was a 60 percent chance of leaving without a deal.
  • President Tayyip Erdogan said on Monday he expected attacks on Turkey’s economy to continue but predicted the lira would return to “rational levels” soon, after the Turkish currency hit a record low of more than 7 to the U.S. dollar. Erdogan, who has described the lira’s fall as the consequence of a plot rather than economic fundamentals, also said that spreading false news about the economy was treason and recent U.S. actions were a stab in the back against Ankara.
  • The Kremlin said on Monday that Russia favored bilateral trade with all countries in their national currencies, rather than the dollar, but that the idea needed detailed work before being implemented. Turkish President Tayyip Erdogan said on Saturday Turkey was preparing to conduct trade through national currencies with China, Russia and Ukraine.

GOLD TRADING FORECAST TODAY

13Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

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COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices traded higher on Friday as investors flocked to safe-haven assets while U.S. President Donald Trump announced the implementation of higher tariffs on Turkey. At 11:32 AM ET (15:32 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $1.55, or 0.13%, to $1,213.93 a troy ounce. “I have just authorized a doubling of tariffs on steel and aluminum with respect to Turkey as their currency, the Turkish lira, slides rapidly downward against our very strong dollar!”
  • Metals prices were mostly lower Friday as a plunging euro pushed the dollar above a year high, rattling investor sentiment on dollar-dominated commodities. But gold steadied on safe-haven demand. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $0.90, or 0.07%, to $1,219.00 a troy ounce, but remained above an intraday low of $1,213.20.
  • WTI crude oil prices slumped to a weekly loss, despite settling higher Friday on renewed bets on steeper losses of Iranian crude from market. Expectations for a rebound in oil demand growth also lifted sentiment. On the New York Mercantile Exchange crude futures for September delivery rose 82 cents settle at $67.63 a barrel, while on London’s Intercontinental Exchange, Brent rose 0.97% to trade at $72.77 barrel.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • China’s state media continued a barrage of criticism of the United States on Saturday as their tit-for-tat trade war escalated, while seeking to reassure readers the Chinese economy remains in strong shape. Commentaries in the People’s Daily, China’s top newspaper, likened the United States to a bull in a China shop running roughshod over the rules of global trade and said that China was “still one of the best-performing, most promising and most tenacious economies in the world.”
  • Talks between the United States and Mexico over the future of the North American Free Trade Agreement were set to drag into next week, as auto industry officials said on Friday that new sticking points had emerged over President Donald Trump’s threat to impose steep automotive tariffs. Auto industry officials familiar with the talks said the Trump administration wants the ability to impose national security tariffs on future Mexican production from new auto assembly and parts plants.
  •  Japan’s Economy Minister Toshimitsu Motegi said on Friday he had had productive trade talks with U.S. Trade Representative Robert Lighthizer and that they planned to meet again in September. He said both acknowledged the importance of expanding trade between the two nations. “We agreed to seek ways to promote Japan-U.S. trade by working out gaps between the two nations and expand areas to cooperate based on shared understanding,” Motegi told re

COMEX GOLD SIGNAL

7Aug

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 prices hovered near a 17-month low on Monday amid lingering worries over the U.S.-China trade conflict, while a stronger U.S. dollar also put pressure on the yellow metal. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $0.9, or 0.07%, to $1,224.4 a troy ounce by 1:50AM ET (05:50 GMT). Chinese authorities announced on Friday that it would impose tariffs, ranging from 5% to 35%, on $60 billion in U.S. goods that include many agriculture-related goods if the U.S. proceeded with placing more tariffs on Chinese imports.
  • Oil prices rose on Monday after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau. Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil exporter Iran. So-called “snapback” sanctions are due to be reinstated at 12:01 a.m. EDT on Tuesday, according to a U.S. Treasury official. Spot Brent crude oil futures were at $73.42 per barrel at 0653 GMT on Monday, up 21 cents, or 0.3 percent, from their last close.
  • For decades, the Friendship pipeline has delivered oil from Russia to Europe, heating German homes even in the darkest days of the Cold War. But a new pipeline that will carry gas direct from Russia under the Baltic Sea to Germany is doing rather less for friendship, driving a wedge between Germany and its allies and giving Chancellor Angela Merkel a headache. For U.S. President Donald Trump, Nord Stream 2 is a “horrific” pipeline that will increase Germany’s dependence on Russian energy.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Indonesia handed over to Malaysia on Monday a $250 million luxury yacht, impounded earlier this year as part of an international hunt for assets purchased with billions of dollars allegedly siphoned off from state fund 1Malaysia Development Bhd. Malaysia’s Prime Minister Mahathir Mohamad thanked Indonesian President Joko Widodo, in a video posted on his Facebook (NASDAQ:FB) page, for facilitating the yacht’s handover.
  • The Shanghai head office of China’s central bank has levied a fine of 4.12 million yuan ($601,846) on Alipay, the online payment platform of Ant Financial, for violating regulations on payment services, the regulator said on Monday. It gave no other details.
  • More than five years into a radical plan to boost the world’s third-biggest economy, the Bank of Japan sent a message of quiet surrender last week, admitting it couldn’t stoke inflation and walking back steps intended to do so. The man leading the BOJ away from its program of unprecedented asset-buying and low or negative interest rates is the man who largely crafted the measures in the first place, bank deputy governor Masayoshi Amamiya. A fan of classical music who has recently begun to favor Russian composers, Amamiya “plays the piano, guitar and flute well,” says a person who has known him for decades.

GOLD TRADING FORECAST TODAY

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6Aug

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 traded lower while the dollar was little changed ahead of the U.S. July job reports due later in the day. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $4.0, or 0.33%, to $1,216.10 a troy ounce by 1:40AM ET . The dollar was little changed as traders await the monthly jobs report for more cues. The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, was down 0.01% to 94.99 on Friday.
  • Oil prices were mixed on Friday after strong gains in the previous session on reports that crude supplies fell at a domestic delivery hub at Cushing, Oklahoma. Crude Oil WTI Futures for September delivery climbed 0.15% to $69.06 per barrel at 1:30AM ET , while Brent Oil Futures for October delivery were down 0.08% to $73.39 for one barrel.
  • Metal prices traded mostly lower, pressured by a rising dollar and escalating U.S.-China trade tensions as the White House sought tougher sanctions on Beijing. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $7.10, or 0.58%, to $1,220.50 a troy ounce, just above session lows of $1,228.90. U.S. President Donald Trump proposed a higher 25% tariff on $200 billion worth of Chinese imports, his administration said on Wednesday, raising fears of an escalating trade-war between the world’s two largest economies, which could hurt global growth.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Although July’s nonfarm payrolls fell short of consensus, the data continue to paint a picture of a solid labor market poised for strong job creation that will likely keep the Federal Reserve on track for two more rate hikes this year as part of its plan to “gradually” tighten monetary policy. “The U.S. economy’s powerful job creation engine continues as revisions to prior months, together with 157,000 new jobs in July, take the three-month average to over 220,000 and unemployment falls to 3.9%,” Allianz Chief Economic Adviser Mohamed El-Erian commented after the release.
  • China on Friday announced retaliatory tariffs on $60 billion worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signaling that it won’t back down in a protracted trade war with Washington. China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 percent. Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement.
  • A selloff in big U.S. tech shares wasn’t enough to pull money away from the sector, Bank of America Merrill Lynch (NYSE:BAC) strategists said on Friday, but U.S. large-cap stocks suffered outflows as investors grew more cautious about an aging bull market. Overall investors shed risky assets this week, pulling $2 billion from equity funds and plowing $2.2 billion into bond funds, the strategists said, citing flows data from EPFR.

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2Aug

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 prices were down on Wednesday as traders wait for a policy decision from the Federal Reserve. Comex gold futures for August delivery fell 0.44% to $1,218.30 a troy ounce as of 10:30 AM ET (14:30 GMT). Gold has fallen in recent months as a stronger dollar and rising interest weights weighed on the metal. The Fed Is not expected to raise interest rates later in the day, but a decision and policy statement are released at 2:00 PM ET (18:00 GMT).
  • Oil slipped below $74 a barrel on Wednesday pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and by higher OPEC production, adding to indications of more ample supply. On Tuesday, the American Petroleum Institute said crude inventories rose by 5.6 million barrels last week. Analysts had expected a decrease of 2.8 million. The U.S. government’s supply report is due on Wednesday.
  • EU soybean imports from the United States almost quadrupled early in the new marketing year, the European Union said, a week after it struck a deal with U.S. President Donald Trump to avert a trade row, as buyers responded to a sharp drop in prices. The EU said in a statement that the collation of new bi-monthly import data showing the rise was “the first concrete follow-up to the EU-U.S. joint statement agreed in Washington between Commission President Juncker and U.S. President Trump”.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The U.S. Treasury said on Wednesday it will introduce a new benchmark 2-month bill starting in October 2018 and also increase the size of its debt auctions in the coming months. The measures are to deal with a rising budget deficit and fill gaps left by the Federal Reserve continuing to reduce its massive bond portfolio. Rising federal borrowing, while not entirely a surprise, rekindled some concerns about its effect on the bond market, lifting the 10-year Treasury yield (US10YT=RR) to 3 percent for the first time since mid-June.
  • The Federal Reserve is considering a key milestone in its public communication about the path of interest rates. Wall Street economists think a language change is coming that will signal monetary policy is no longer loose, meaning interest rates are no longer seen as particularly low. This week’s meeting may be too soon; it’s more likely such a shift will come in September, when the Fed is next expected to raise interest rates.
  • Iranian lawmakers have given President Hassan Rouhani one month to appear before parliament to answer questions on his government’s handling of Iran’s economic struggles, state media reported on Wednesday. It is the first time parliament has summoned Rouhani, who is under pressure from hardline rivals to change his cabinet following a deterioration in relations with the United States and Iran’s growing economic difficulties. Lawmakers want to question Rouhani on topics including the rial’s decline, which has lost more than half its value since April, weak economic growth and rising unemployment, according to semi-official ISNA news agency.

2august5

1Aug

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 down on Tuesday, but remained on track for a fourth-straight month of losses. Comex gold futures for August delivery fell 0.11% to $1,219.90 a troy ounce as of 10:26 AM ET (14:26 GMT). Gold has fallen in recent months as a stronger dollar and rising interest rates weighed on the metal. The Federal Reserve makes a policy decision Wednesday afternoon, but no rate hike is expected.
  • Kuwait Foreign Petroleum Exploration Co. is borrowing $1.1 billion to spend on oil and natural gas projects as the company plans to expand its shale operations, Chief Executive Officer Sheikh Nawaf Saud Al-Sabah said. Sumitomo Mitsui Banking Corp. and Societe Generale (PA:SOGN) SA were the joint lead arrangers of the five-year loan for Kufpec, a unit of state-run Kuwait Petroleum Corp., Al-Sabah said at a news conference in Kuwait City
  • U.S. President Donald Trump’s proposed tariffs on another $200 billion of Chinese goods threaten a niche trade in minor metals and rare earths used in everything from stomach remedies and jet engines to consumer electronics. More than 6,000 items have been earmarked for a 10 percent import tariff, including – in some form – 32 of the 35 minerals the United States in May designated as “critical” to its economic and national security.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The Federal Reserve is expected to keep interest rates unchanged on Wednesday, but solid economic growth combined with rising inflation are likely to keep it on track for another two hikes this year even as President Donald Trump has ramped up criticism of its push to raise rates. The U.S. central bank so far this year has increased borrowing costs in March and June, and investors see additional moves in September and December. Policymakers have raised rates seven times since December 2015.
  • Mexican tycoon Carlos Slim said on Tuesday that the best wall between Mexico and the United States was investment and job opportunities, referring to the U.S. President Donald Trump’s promise to build a border fence between the two countries. “The best wall is investment and creating opportunities in Mexico,” Slim said during an strategy conference for the Spanish builder FCC (MC:FCC), of which he is the main shareholder, in Madrid.
  • China will keep its economic growth within a reasonable range by making policies more flexible and effective, the state -run Xinhua news agency said on Tuesday. The authorities will stabilize China’s employment, financial sector, foreign trade and investment, it said, citing a statement released after a meeting of the Politburo, a top decision-making body of the ruling Communist Party. China will better balance its financial risk prevention and support for the real economy, maintaining its deleveraging drive but paying attention to its pace and intensity, it added.

COMEX GOLD SIGNAL

31Jul

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 prices were flat on Monday as investors wait for a flurry of central bank policy decisions this week. Comex gold futures for August delivery rose 0.02% to $1,223.20 a troy ounce as of 11:07 AM ET (15:07 GMT). The Federal Open Market Committee (FOMC) meets on Tuesday and Wednesday, with a policy decision scheduled for Wednesday afternoon. Investors do not expect the Fed to increase interest rates this week, but there is an 87.8% chance the central bank will hike rates in September.
  • Saudi Arabia announced last week it was suspending oil shipments through the Red Sea’s Bab al-Mandeb strait after Yemen’s Iran-aligned Houthis attacked two ships in the waterway. To date, no other exporters have followed suit. A full blockage of the strategic waterway would virtually halt shipment to Europe and the United States of about 4.8 million barrels per day of crude oil and refined petroleum products.
  • Oil prices traded higher on Monday, bouncing back after their fourth-straight weekly loss last week amid emerging evidence of oversupply, as some traders moved in at lower prices amid a confluence of bullish factors. New Yorktraded West Texas Intermediate crude futures gained $1.39, or 2.02%, to $70.08 a barrel by 11:04 AM ET (15:04 GMT).

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The United States has eased export controls for high technology product sales to India, granting it the same access as NATO allies, Australia, Japan and South Korea, U.S. Commerce Secretary Wilbur Ross said on Monday. Ross, speaking at U.S. Chamber of Commerce event, said the move to grant Strategic Trade Authorization status STA1 to India reflects its efforts to improve its own export control regime, its adherence to multilateral export rules and its growing status as a U.S. defense partner.
  • Ukraine lost the bulk of a legal dispute against Russia on Monday, when a World Trade Organization dispute panel struck out many of its arguments about Russia refusing to use Ukrainian railway equipment, a major export for Kiev. Ukraine complained to the WTO in 2015 about Russia’s rejection of Ukrainian rolling stock, railroad switches and other railroad equipment, but the WTO ruled that the security situation was such that Russian inspectors sent to check that Ukraine’s exports complied with Russian standards would have been risking their lives, and Russia was therefore justified.
  • Building on President Donald Trump’s “Indo-Pacific” strategy, U.S. Secretary of State Mike Pompeo on Monday announced $113 million in new regional investments focused on technology, energy and infrastructure. The announcement comes at a time when trade frictions with China have given U.S. trade diplomacy a sharper edge.

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