SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Crude prices rebounded sharply in early Asia on Friday as overnight declines provided a new buying opportunity even as the U.S. remains significantly oversupplied.On the New York Mercantile Exchange, WTI crude for November delivery jumped 1.19% to $46.93 a barrel.Overnight, U.S. crude futures fell to the lowest level in more than a week on Thursday, as a considerable build in crude stockpiles last week exacerbated concerns over a glut of oversupply on global energy markets.

• Gold prices slid lower in European morning hours on Friday, as investors locked-in profits from the metal’s rise to four month highs on Thursday and as the dollar regained some strength after the release of positive U.S. jobless claims and inflation data. Overnight, gold futures moved to fresh three month highs on Thursday, as relatively soft U.S. inflation data appeased dovish sentiments for delaying an interest rate hike by the Federal Reserve beyond the end of the year.

• Silver prices moved down by 0.38 per cent to Rs 37,370 per kg in futures trade today as participants locked-in gains at prevailing levels amid weak trend overseas.In futures trade, silver for delivery in December moved down Rs 143, or 0.38 per cent, to Rs 37,370 per kg at the Multi Commodity Exchange. It clocked a business turnover of 375 lots.

TRADING STRATEGY :
BUY GOLD ABOVE 1180 TARGET 1185 1191 SL 1174
SELL GOLD BELOW 1170 TARGET 1165 1159 SL 1176

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