SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Crude oil gained in Asia on Monday as investors saw the supply picture slightly tighter on U.S. rig count data last week. On the New York Mercantile Exchange, crude oil for delivery in November rose 0.22% to $45.64 a barrel. In the week ahead, investors will be focusing on Wednesday’s minutes of the Fed’s September meeting, when the central bank decided to delay hiking rates.On Monday, markets in China are to remain closed for a national holiday. Last week, crude oil futures rallied to one-week highs on Friday after data showing that the number of working U.S. oil rigs fell to a five-year low last week, alleviating concerns about oversupply.

• Gold prices edged lower in European morning hours on Friday, but losses were expected to remain limited as Friday’ downbeat U.S. jobs data dampened expectations for a December rate hike by the Federal Reserve. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery slipped 0.22% to $1,134.10.The December contract ended Thursday’s session 2.06% higher at $1,136.60 an ounce. Futures were likely to find support at $1,124.30, the low from September 24 and resistance at $1,141.20, the high from October 2 and a one-week high.

• An 18 per cent cut in natural gas prices will discourage further investments in exploring and developing new gas reserves, Moody’s said in its Credit Outlook report today It said the move is credit negative for producers like Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) as it will lower their revenues and cash flows. From October 1, gas prices have been reduced to $3.82 per million British thermal unit (mmBtu) from $4.66 previously on a gross calorific value basis.

TRADING STRATEGY :
BUY GOLD ABOVE 1136 TARGET 1141 1147 SL 1130
SELL GOLD BELOW 1130 TARGET 1125 1119 SL 1136

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