SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Oil prices held near the prior session’s seven-month highs in European trade on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell for the second straight week. The U.S. Energy Information Administration will release its weekly report on oil supplies at 14:30GMT, or 10:30AM ET, amid expectations for a drop of 2.9 million barrels.

• Gold futures were lower in European trade on Tuesday, after posting modest overnight gains, as market players looked ahead to minutes of the Federal Reserve’s April policy meeting, which many feared could be more hawkish than the statement.Gold for June delivery on the Comex division of the New York Mercantile Exchange dipped $2.00, or 0.16%, to trade at 1,274.80 a troy ounce by 06:46GMT, or 02:46AM ET.

• Copper prices fell on Wednesday as the dollar rallied after a stream of encouraging US economic data supported the case for more rate rises this year.A US Federal Reserve policymaker said that he will push for an interest rate hike in June or July and two others still see up to three rate increases this year leaving the door open to a change in monetary policy relatively soon.

TRADING STRATEGY :
BUY GOLD ABOVE 1272 TARGET 1277 1283 SL 1267
SELL GOLD BELOW 1268.8 TARGET 1263.8 1257.8 SL 1273.8

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