SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Crude oil futures have continued to gain today to hit above $36 per barrel mark – their highest in around five weeks amid a growing consensus that a multi-year low around $26 per barrel might have already emerged as a bottom for the commodity.WTI Crude oil futures witnessed good buying this week amid supportive cues from equities and a continued drop in the US rig counts.

• Oil prices rose on Monday as tightening supply and an improving global outlook boosted market sentiment. The number of rigs drilling for oil in the U.S. fell below 400 for the first time since the financial crisis. The number of U.S. oil-drilling rigs has fallen sharply since oil prices began to fallExpectations of tightening supply and growing demand have fulled hopes that the oil market may have bottomed out.

• Gold futures edged lower in European trade on Monday, but held near the prior session’s 13-month high as market players awaited comments from a pair of Federal Reserve officials later in the session for further clues on the path of future rate hikes.Federal Reserve Governor Lael Brainard is due to deliver a speech titled “Economic Outlook, Liquidity and Resilience” at the Institute of International Bankers Annual Washington Conference, in Washington D.C. at 18:00GMT, or 1:00PM ET, Monday.

TRADING STRATEGY :
BUY GOLD ABOVE 1268 TARGET 1273 1279 SL 1262
SELL GOLD BELOW 1257 TARGET 1252 1246 SL 1263

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