12Oct

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 rose more than 1% on Thursday, regaining the psychologically important $1,200 level as a rout in global stock markets spurred by fears over rising bond yields, slowing global growth and trade tensions bolstered safe haven demand. December gold futures were up $13.90 or 1.16% to $1,207.30 by 07:45 AM ET (11:45 GMT) on the Comex division of the New York Mercantile Exchange.
  • OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output. Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC’s third largest oil producer.
  • Chinese oil buyers are making a beeline for a bargain across the Pacific. With Canadian oil over 60 percent cheaper than U.S. benchmark West Texas Intermediate and global marker Brent, China’s refiners are being lured to the heavy and sludgy crude. That’s because, apart from being a source of fuel, it’s also rich in bitumen — a black residue used to build everything from roads to runways and roofs.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • U.S. President Donald Trump launched a second day of criticism against the Federal Reserve on Thursday, calling its interest rate increases a “ridiculous” policy that was making it more expensive for his administration to finance its escalating deficits. “I’m paying interest at a high rate because of our Fed. And I’d like our Fed not to be so aggressive because I think they’re making a big mistake,” Trump said in a Thursday morning interview on Fox & Friends.
  • White House economic adviser Larry Kudlow said in an interview with CNBC on Thursday that the Federal Reserve remained independent and U.S. President Donald Trump is not dictating policy to the Fed. His remarks came hours after Trump criticized the Fed for raising interest rates too quickly, in his second attack against the central bank in the past 24 hours.
  • China drew over $17 billion in orders for a sovereign dollar bond sale of $3 billion on Thursday against a backdrop of a global market sell-off and trade war with the United States. The $3 billion deal is only the third U.S.-dollar denominated issuance by China in the last 14 years. It returned to global markets in October last year for the first time since 2004. China is selling five-year, 10-year and 30-year bonds at 30-35, 45-50, 70-75 basis points (bps) over U.S. Treasuries, respectively, according to a term sheet seen by Reuters.

COMEX GOLD SIGNAL

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11Oct

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 largely unchanged on Wednesday, as investors grappled with rising U.S. interest rates, although the metal drew some support from the dollar coming off a seven-week high. Comex gold futures were down 20 cents at $1,191.30 a troy ounce by 10:28AM ET. Meanwhile, spot gold was trading at $1,188.35 per ounce, down $1.50, or 0.1%. Yields on the benchmark 10-year Treasury bond rose to around 3.23%, after reaching a seven-year top of 3.261% a day earlier.
  • Crude prices edged lower on Wednesday, as investors watched Hurricane Michael, which has intensified to Category 4 storm and was barreling down on Florida. Some of the storm’s most significant early impact was to offshore energy production. U.S. producers in the Gulf cut oil production by about 40%, the Bureau of Safety and Environmental Enforcement said, as they evacuated personnel from 75 platforms in the region.
  • The world’s biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic. The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019, potentially leading to choppy trading.

ECONOMY NEWS

ECONOMY NEWS

  • The European Union should change its budget rules to make them more effective in bringing down public debts, EU fiscal advisers said in a report on Wednesday, urging the bloc to scrap deficit targets for countries where debt is falling. The publication of the report coincides with a row between Italy and Brussels over the country’s 2019 budget, in which the eurosceptic Italian government plans to flout EU fiscal rules to fulfill electoral promises of government largesse.
  • Despite thousands of jobs set to move to the continent due to Brexit, Britain’s financial services minister said on Wednesday he would do all he can to ensure the City of London remains a major financial center. John Glen told lawmakers that he agreed with Bank of England estimates that 5,000 financial services jobs will have moved to continental Europe by the time Britain is due to leave the European Union next March.
  • Sears Holdings Corp (O:SHLD) is preparing to file for Chapter 11 bankruptcy protection as early as Friday, sources said on Wednesday, casting doubt over the future of what was once the world’s largest retailer. Negotiations between Sears Chief Executive Officer Eddie Lampert and the company’s special board committee are at a standstill over the committee’s refusal to approve Lampert’s rescue plan, the sources said. The committee is concerned it will be opening the company up to litigation, one source said. Sears shares were down 27 percent at 43 cents. The stock, which traded above $100 a decade ago, has fallen to less than $1 in the past year.

11oct5

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10Oct

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 moved higher on Tuesday, pulling away from one-week lows as rising U.S. bond yields and concerns over the outlook for global growth soured market sentiment. December gold futures were up $3.20 or 0.27% to $1,191.8 by 10:30 AM ET (14:31 GMT) on the Comex division of the New York Mercantile Exchange. Prices settled at $1,184.40 on Monday, the lowest close since Sept. 28.
  • Crude prices nudged higher on Tuesday after companies operating in the Gulf of Mexico shut down nearly 20% of oil production as Hurricane Michael moved towards eastern Gulf states, including Florida. As Michael moved over open water, energy companies halted nearly one-fifth of Gulf of Mexico oil production and evacuated personnel from 10 platforms on Monday.
  • Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy. Top oil companies including Royal Dutch Shell (AS:RDSa), BP (L:BP) and Total(PA:TOTF) are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation.c

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Economic policymakers gathering in Indonesia for this week’s annual meetings of the International Monetary Fund and World Bank should highlight risks to the global economy posed by rising protectionism, the host nation’s finance minister said. The prospect of a further escalation in the trade war between the United States and China – the world’s two largest economies – will haunt finance ministers, central bankers and economists flocking to the resort island of Bali to attend the meetings, which begin on Thursday.
  • The recent jump in U.S. bond yields suggests there is uncertainty among investors over future economic growth prospects, Federal Reserve Bank of Dallas President Robert Kaplan said on Tuesday. The 10-year Treasury yield, which reached a fresh multi-year high on Tuesday, is “telling me that prospects for future U.S. growth are somewhat sluggish (and) that outward growth is looking a little more uncertain,” he said at the Economic Club of New York.
  • Turkey’s private sector has agreed to cut prices on its goods by at least 10 percent across the board, Finance Minister Berat Albayrak said on Tuesday, as he called on businesses to join a national struggle to tame soaring inflation. Berat Albayrak, President Tayyip Erdogan’s son-in-law, rolled out the measures as part of a “fully fledged fight” against inflation. The announcement appeared to leave financial markets cold, however. The lira weakened slightly as he spoke in Istanbul and was at 6.1484 at 1157 GMT, a touch weaker on the day.

COMEX GOLD SIGNAL

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10Oct
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Epic Research| Forex Report

INTERNATIONAL CURRENCY BUZZ

Forex – Dollar Edges Higher, Yen Steady in Cautious Trade
Forex – Euro Hits 7-Week Lows as Italy Worries, Strong Dollar Weigh
Forex – GBP/USD bounces off lows, recovers farther beyond mid-1.3000s

EUR/USD

The euro extended early losses on Tuesday, falling to fresh seven-week lows as concerns over Italy’s fiscal outlook and a broadly stronger dollar weighed. EUR/USD was down 0.41% to 1.1444 by 07:16 AM ET (11:16 AM GMT), the weakest level since August 20. The single currency was pressured lower amid an ongoing row between Italy’s populist government and the European Commission over the country’s budget plans. Brussels and Rome have been at odds over the country’s budget deficit plans for the next three years, which breach EC rules on running excessive deficits and high debt. The row has seen Italian bond yields rise amid fears that the decision to increase borrowing will prove unsustainable given the country’s debt load. But the leaders of Italy’s two ruling parties have insisted they will not backtrack on their spending plans for next year.

GBP/USD

The GBP/USD pair maintained its offered tone, for the second consecutive session, albeit has managed to recover around 30-pips from daily lows. The pair once again managed to find some support ahead of the 1.3030-25 support area and was being supported by a modest US Dollar pull-back from seven-week tops. After refreshing fresh multi-year tops earlier today, the US Treasury bond yields started retreating and prompted some USD profit-taking, which was eventually seen lending some support. The uptick, however, lacked any strong conviction/follow-through and continues to be weighed down by Conservative MP Steve Baker’s comments that the UK should not be afraid to move forward with ‘no-deal‘. Currently hovering around mid1.3000s, within striking distance of session lows, market participants now look forward to the Brexit secretary Dominic Raab’s update on the state of the Brexit negotiations for fresh impetus.

10 fx

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9Oct

Singapore Stocks Watch: STI resumes Tuesday afternoon at 3,171.39, down 0.32% on day

Singapore Stocks Watch:
SINGAPORE stocks fell on Tuesday evening’s exchanging resumption, with the Straits Times Index declining 10.06 points or 0.32 for each penny on the day to 3,171.39 as at 1.01pm.

Failures dwarfed gainers 153 to 128, or around six securities down for each five up, as around 901 million securities worth S$447.6 million changed hands.

The most effectively exchanged counter was Nam Cheong Limited, which exchanged down 0.1 Singapore penny or 8.3 for every penny to S$0.011 with around 44.3 million offers evolving hands.

Different actives included Thomson Medical Group with 26.2 million offers exchanged, unaltered at $0.091, and Vallianz Holdings with 19.7 million offers exchanged, falling 12.5 for each penny or $0.001 to S$0.007.

Dynamic file stocks by esteem included DBS Group Holdings, down 0.2 for each penny or S$0.04 to S$25.43; and Singtel, level at S$3.20.

Sembcorp kept at ‘BUY’ with $3.41 focus as India’s spot power costs keep on climbing

UOB KayHian is keeping up Sembcorp Industries at “purchase” with $3.41 unaltered target given its India activities are on track to make back the initial investment or turn a benefit in 2018.

Regardless of whether spot power costs withdraw back to Rs3.5/kWh, UOB says Sembcorp Gayatri Power Limited (SGPL) stays in a situation to make littler misfortunes or even accomplish breakeven.

“Accepting a 85% plant stack factor (PLF), spot cost of Rs3.5/kWh and commitments from the 250MW 15-year PPA Bangladesh kicking in for 4Q18, SGPL could simply earn back the original investment,” says investigator Foo Zhi Wei in a Tuesday report, “No upkeep shutdowns are gotten ready for 4Q18. In general, it is likely that India will earn back the original investment or even turn a benefit in 2018.”

Spot power costs in India keep on jumping on undersupply of warm coal for power age. Coal India (CIL) is raising creation however endeavors seem, by all accounts, to be upset by the rainstorm season. The circumstance was doubly exacerbated by warm plants not developing an adequate coal stock in prior months.

In 3Q18, plant stack factor (PLF) of Sembcorp Energy India Limited (SEIL) and Sembcorp Gayatri Power Limited (SGPL) remained at 92% (2Q18: 88%) and 80% (2Q18: 91%) separately, in view of UOB’s counts. SGPL had a feeble July-August PLF, which enhanced in September on the back of higher spot power costs.

UOB is evaluating SGPL to report a littler loss of $2-3 million for 3Q18 from center loss of $3 million 2Q18. Regardless of the high power costs in Sept, the plant saw bring down PLFs in the initial two months of 3Q18 that delayed execution. It is conceivable that SGPL could have amplified gains in September that would result in 3Q18 seeing a breakeven or better from SGPL.

“We stand pat on our income gauges until further notice,” says Foo, “While our assessments for India are probably going to see upward modifications, this will probably be tempered by clearness developing about what level of arrangements (assuming any) is required for the extra cases identifying with its wastewater business.”

Year to date, shares in Sembcorp Industries are down 2.6% at $3.00 or 11.5 times FY20 profit.

To get more updates on Singapore Stocks Watch and best Singapore Stocks Tips, Click here SGX Stock Tips

9Oct

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 lower on Monday as the greenback continued to rise on expectations of a Federal Reserve rate increase in December. Comex gold futures for December delivery fell 1.27% to $1,190.30 a troy ounce as of 10:05 AM ET (14:05 GMT),. The precious metal was pushed lower after the jobs report on Friday increased expectations that the Fed will raise rates.
  • Oil prices edged lower on Monday, after the U.S. said it may grant waivers to sanctions against Iran’s crude exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran. November West Texas Intermediate crude, the U.S. benchmark contract, shed 23 cents, or around 0.3%, to $74.11 a barrel at 10:00AM ET on the New York Mercantile Exchange.
  • Iran’s Oil Minister Bijan Zanganeh has dismissed as “nonsense” claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market. “(Mohammed) bin Salman’s remarks and such bragging can only satisfy (U.S. President Donald) Trump. No one else will believe him. Iran’s oil cannot be replaced by Saudi Arabia nor any other country,” Zanganeh was quoted as saying on his ministry’s website.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • India hopes to secure a waiver from U.S. sanctions on Iran before they take effect on Nov. 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday. The United States is imposing new sanctions on Iran’s oil industry after Washington withdrew from a nuclear deal between Tehran and other global powers. Washington said on Friday it was considering waivers for nations that were reducing imports of Iranian oil.
  • Emerging markets were “as prepared as they can be” for changes to U.S. monetary policy as the Federal Reserve had been as “transparent” as possible, St. Louis Federal Reserve Bank President James Bullard said in Singapore on Monday. Some emerging markets have come under pressure this year as rising U.S. interest rates have drawn investors away, and due to fears of fall out from an escalating tariff war between the United States and China.
  • Indonesia plans to use meetings between global finance ministers and central bank chiefs on the island of Bali this week to push for more clarity on the path of interest rates in advanced countries, the country’s central bank governor said on Monday. Indonesia and some other emerging economies have been hit hard as investors cut their risk appetite for assets amid a rise in U.S. interest rates and an intensifying trade war between Beijing and Washington.

GOLD TRADING FORECAST TODAY

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8Oct

Singapore Stocks Watch: STI resumes Monday evening at 3,194.38, down 0.48% on day

Singapore Stocks Watch :SINGAPORE stocks fell on Monday evening’s exchanging resumption, with the Straits Times Index declining 15.41 focuses or 0.48 for each penny on the day to 3,194.38 as at 1.01pm.

Failures dwarfed gainers 222 to 84, or around eight securities down for each three up, as around 875.5 million securities worth S$432.4 million changed hands.

The most effectively exchanged counter was Advanced Systems Automation, which exchanged level at S$0.001 with around 38.3 million offers evolving hands.

Different actives included Nam Cheong with 23.9 million offers exchanged, unaltered at $0.011, and Thomson Medical Group with 21.9 million offers exchanged, rising 1.1 for each penny or $0.001 to S$0.088.

Dynamic record stocks by esteem included DBS Group Holdings, down 0.2 for every penny or S$0.06 to S$25.71; and United Overseas Bank, down 1.9 for each penny or S$0.52 to S$26.18.

SGX daily average esteem falls 13% in September from August, down 11% on year

THE day by day average estimation of securities exchanged on the Singapore Exchange (SGX) in September remained at S$971 million, which was down 13 for every penny from August’s figure, and furthermore, 11 for every penny bring down from that month in 2017.

Add up to securities advertise turnover remained at S$19.4 billion over September’s 20 exchanging days, down 17 for every penny from August and 11 for each penny from September 2017.

There were 21 exchanging days in August 2018 while there were 20 in September 2017.

Stock exchanging represented the vast majority of the exchanged an incentive on the SGX, while organized warrants and Daily Leveraged Certificates (DLCs) made up a littler bit.

Market turnover estimation of Exchange Traded Funds (ETFs) was S$188 million in August, around simply over half from August’s figure. Be that as it may, the figure is 12 for each penny higher contrasted with September 2017 on the back of selloffs in provincial values a month ago.

Market turnover estimation of organized warrants and DLCs was S$1.43 billion in September, down 21 for each penny from August, and 26 for every penny bring down from the year back period.

DLCs were propelled on the Singapore bourse in July 2017.

The aggregate market capitalization estimation of the 745 organizations recorded on the SGX remained at S$974.8 billion as toward the finish of September.

A month ago observed one new posting on the SGX, that of Vividthree Holdings on the Catalist board on Sept 25.

Vividthree, a virtual reality, visual impacts and PC created symbolism studio, raised S$12.95 million amid its first sale of stock.

There were 56 new bond postings that brought some S$24.44 billion up in September.

Add up to subordinates volume was 18.52 million, down one for every penny from August 2018, however up 16 for each penny from September 2017.

8Oct

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 rose on Friday as the greenback pared back earlier gains after September’s jobs numbers came in lower than expected. Comex gold futures for December delivery rose 0.52% to $1,207.80 a troy ounce as of 10:20 AM ET (14:20 GMT),. The U.S. economy created less jobs than expected in September, but unemployment reached a 48-year low, indicating the economy was at full-employment.
  • Oil prices rose back toward four-year highs on Friday as traders anticipated a tighter market due to U.S. sanctions on Iran’s crude exports. Benchmark Brent crude oil (LCOc1) was up 30 cents a barrel at $84.88 by 0930 GMT. On Thursday, Brent fell by $1.34 a barrel or 1.6 percent, but the contract remains on course for a gain of around 2.5 percent for the week. U.S. light crude (CLc1) was up 50 cents at $74.83, reflecting a gain of more than 2 percent since last Friday.
  • The United States and the European Union must quickly flesh out their aim of cutting trade barriers, German Economy Minister Peter Altmaier said ahead of an EU trade meeting on Friday. U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed in July to hold back on threatened 25-percent car tariffs while the United States and Europe talked about cutting other trade barriers.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Asset management and investment firms make up about half of the more than 100 finance companies that have applied to set up or extend operations in Ireland as a result of Brexit, the state agency competing to win foreign business said on Friday. The head of Ireland’s central bank said on Thursday that it is processing over 100 Brexit-related applications to authorize firms across sectors including investment management, banking, trading venues, payments and insurance.
  • U.S. job growth slowed sharply in September likely as Hurricane Florence depressed restaurant and retail payrolls, but the unemployment rate fell to near a 49-year low of 3.7 percent, pointing to a further tightening in labor market conditions. The Labor Department’s closely watched monthly employment report on Friday also showed a steady rise in wages, suggesting moderate inflation pressures, which could ease concerns about the economy overheating and keep the Federal Reserve on a path of gradual interest rate increases.
  • The United States is likely to succeed in shutting down the World Trade Organization’s supreme court because other WTO members are powerless to stop it, diplomats, lawyers and officials said at a conference in Geneva on Friday. The United States has blocked appointments of judges to the Appellate Body, throwing the WTO into crisis as it runs out of legal muscle to rule on international trade disputes.

COMEX GOLD SIGNAL

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5Oct

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 retreated from four-year highs on Thursday, a day after data pointing to the largest biggest build in U.S. crude stockpiles since March 2017 and reports that Russia and Saudi Arabia reached a private agreement last month to increase oil output. London traded Brent crude futures were down 0.44% to $85.90 a barrel from their last close, pulling back from the high of $86.74 reached Wednesday, the most since November 2014.
  • Gold prices rose to fresh two-week highs on Thursday as the dollar reversed early gains and U.S. stocks opened lower as a spike U.S. bond yields weighed, bolstering safe haven demand for the precious metal. December gold futures were up $4.90 or 0.4% to $1,207.70 by 09:59 AM ET (13:59 GMT) on the Comex division of the New York Mercantile Exchange, the highest since Sept. 24.
  • Oil prices on Thursday slipped from four-year highs reached the previous session, pressured by rising U.S. inventories and after sources said Russia and Saudi Arabia struck a private deal in September to raise crude output. Brent crude oil futures (LCOc1) were trading at $86.14 per barrel at 0651 GMT, down 15 cents, or 0.2 percent, from their last close. Brent on Wednesday hit a four-year high of $86.74 a barrel, lifted by expectations of a tightening market ahead of U.S. sanctions that will target Iran’s oil exports from next month.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Federal Reserve Vice Chair Randal Quarles said on Thursday the world’s central banks, including the Fed, risked “quite bad” outcomes if they let themselves be influenced by political considerations. “The outcomes of central banking, particularly in monetary policy, but also in financial regulation, can turn out to be quite bad if they are too subject to the political pressures of the moment,” Quarles said at a community banking conference in St. Louis.
  • The dangers linked to Brexit for Europe continue to be underestimated, European Central Bank policymaker Ewald Nowotny said on Thursday. “In Europe we have … the challenges emerging from Brexit,” Nowotny, who sits on the ECB’s Governing Council as the head of Austria’s central bank, told a conference on financial supervision.
  • European regulators need to be braced for financial market volatility if very clear progress is not evident in Brexit negotiations by November, Irish Central Bank Governor Philip Lane said on Thursday. “If in the coming weeks the probability of a hard Brexit goes up, that can be in itself damaging even if it ends up to be okay by the end of March (when Britain leaves),” Philip Lane, who is also a member of the European Central Bank’s Governing Council, told an Irish parliamentary committee.

GOLD TRADING FORECAST TODAY

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4Oct

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 held steady near two-week highs on Wednesday, remaining supported above the psychologically important $1,200 level even as fears over Italy’s budget woes faded, bolstering risk appetite. December gold futures were little changed at $1,207.9 by 09:39 AM ET (13:39 GMT) on the Comex division of the New York Mercantile Exchange. Prices of the yellow metal remained supported even after reports that Italy appeared to be revising its budget plans.
  • The aluminum market risks being thrown back into turmoil after the world’s largest refinery of a key raw material shut down. Norsk Hydro ASA said it will temporarily close the Alunorte alumina refinery in Brazil because of a long dispute over waste treatment. The plant was already running at just 50 percent capacity. The stoppage will increase the scarcity of alumina — a key ingredient for producing aluminum — and raising the possibility of higher metal prices filtering through the global supply chain, which would affect manufacturers like automakers and canned drink suppliers.
  • Russian President Vladimir Putin said his American counterpart’s Iran sanctions are largely to blame for current high oil prices. “President Trump considers that the price is high; he’s partly right, but let’s be honest,” Putin said at the Russian Energy Week conference in Moscow on Wednesday. “Donald, if you want to find the culprit for the rise in prices, you need to look in the mirror.”

COMEX GOLD SIGNAL

ECONOMY NEWS

  • European Union banks need access to London’s clearinghouses to manage the potential market turmoil of a no-deal Brexit, and lawmakers in Brussels should make sure they have it, according to the bloc’s financial watchdog. Steven Maijoor, chairman of the European Securities and Markets Authority, said a transitional access deal is needed so EU banks and trading venues aren’t cut off from firms such as LCH Ltd., the most important clearinghouse for euro denominated interest-rate swaps.
  • Banks doing business in Estonia, which has been at the center of a money-laundering scandal involving Danske Bank , handled more than $1 trillion in cross-border flows between 2008 and 2017, according to the country’s central bank. The European Union member country has been rocked by revelations that banks there laundered money from Russia, Moldova and Azerbaijan via non-resident bank accounts. The scandal has forced lenders in Estonia and neighboring Latvia to shut down.
  • The U.S. economy appears strong but eventually might face shocks such as a “political crisis” or an abrupt and difficult exit by Britain from the European Union, Richmond Federal Reserve President Thomas Barkin said on Wednesday. Barkin’s remarks come as economists and U.S. central bankers increase their focus on the prospects for a U.S. recession.

COMEX GOLD SIGNAL

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