INTERNATIONAL COMMODITY NEWS :
• Crude oil prices remained weak on Monday as a slowing demand outlook implied oversupply will remain in place for months, prompting speculators to cut their bets on rising prices.Front-month U.S. crude futures were trading at $44.77 per barrel at 12.32 a.m. ET, 17 cents above their last close but more than 12 percent below their October peak.International benchmark Brent was 16 cents higher at $48.15 a barrel.ANZ bank said it expected prices to remain low for the rest of this year and that speculators were cutting their bets on higher prices.”Net speculative (U.S.) long positions declined by 13,841 contracts for the week ending 20 October,” ANZ said. “We remain cautious on commodity prices into year-end given weak demand conditions.”
• Gold prices rebouned in Asia on Monday as investors looked ahead to a central bank focused week.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.15% to $1,164.50 a troy ounce.Last week, gold futures declined for the third straight day on Friday, to end the week sharply lower as a broadly stronger U.S. dollar dampened the appeal of the precious metal. The dollar surged against the euro after European Central Bank President Mario Draghi signaled further monetary easing could be on deck for the euro zone as early as December.
TRADING STRATEGY :
BUY GOLD ABOVE 1167 TARGET 1172 1178 SL 1161
SELL GOLD BELOW 1160 TARGET 1155 1149 SL 1166
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
• Crude oil prices remained weak on Monday as a slowing demand outlook implied oversupply will remain in place for months, prompting speculators to cut their bets on rising prices.Front-month U.S. crude futures were trading at $44.77 per barrel at 12.32 a.m. ET, 17 cents above their last close but more than 12 percent below their October peak.International benchmark Brent was 16 cents higher at $48.15 a barrel.ANZ bank said it expected prices to remain low for the rest of this year and that speculators were cutting their bets on higher prices.”Net speculative (U.S.) long positions declined by 13,841 contracts for the week ending 20 October,” ANZ said. “We remain cautious on commodity prices into year-end given weak demand conditions.”
• Gold prices rebouned in Asia on Monday as investors looked ahead to a central bank focused week.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.15% to $1,164.50 a troy ounce.Last week, gold futures declined for the third straight day on Friday, to end the week sharply lower as a broadly stronger U.S. dollar dampened the appeal of the precious metal. The dollar surged against the euro after European Central Bank President Mario Draghi signaled further monetary easing could be on deck for the euro zone as early as December.
TRADING STRATEGY :
BUY GOLD ABOVE 1167 TARGET 1172 1178 SL 1161
SELL GOLD BELOW 1160 TARGET 1155 1149 SL 1166
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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