SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Oil rose towards $35 a barrel on Thursday after Iran welcomed plans by Russia and Saudi Arabia to freeze output and an industry report showed a surprise drop in U.S. inventories.The gain added to a more than 7 percent surge in the previous session, which came even though analysts said the market had overreacted to Iran’s support for the caps and the Russian-Saudi move would not likely reduce the global surplus.

• Gold futures edged lower in Europe trade on Thursday, but held above the $1,200-level amid indications the Federal Reserve could slow the pace of U.S. interest rate hikes.Gold for April delivery on the Comex division of the New York Mercantile Exchange shed $4.10, or 0.34%, to trade at $1,207.30 by 08:55GMT, or 3:55AM ET.

• Natural Gas futures surged by over 2 per cent in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as short-term weather forecasts suggested cooler weather across parts of the US bolstering the demand outlook for the heating fuel in the world’s biggest gas consuming nation.About 49 per cent of US households use natural gas for heating purposes.

TRADING STRATEGY :
BUY GOLD ABOVE 1210 TARGET 1215 1221 SL 1204
SELL GOLD BELOW 1200 TAGRET 1195 1189 SL 1230

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