SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Silver prices plunged by Rs 195 to Rs 38,312 per kg in futures trade today as speculators cut down their bets, taking weak cues from global market.At the Multi Commodity Exchange, silver prices for delivery in May traded sharply lower by Rs 195, or 0.51%, to Rs 38,312 per kg, in a business turnover of 354 lots.Similarly, the white metal prices for delivery in far-month July slumped by Rs 167, or 0.43%, to Rs 38,900 per kg, in a business volume of 10 lots.

• Gold prices rose on Monday, buoyed up by increased investor demand for safe haven assets as oil prices tumbled after a weekend meeting of major producers ended without an agreement on curtailing production.U.S. gold futures for June delivery were up 0.34% at $1,238.6 an ounce by 0945 GMT.

• Crude oil prices plunged in Asia on Monday as major oil producers gathered in Doha, Qatar failed at the weekend to reach an agreement to freeze production.The producers—Saudi Arabia, Russia, Kuwait, and other OPEC members, but not including Iran—met most of the day but broke up toward evening without a deal. Saudi Arabia had insisted there could be no agreement unless Iran froze production, too.

TRADING STRATEGY :
BUY GOLD ABOVE 1240 TGT 1245 1251 SL BELOW 1234
SELL GOLD BELOW 1230 TGT 1225 1219 SL ABOVE 1236

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