SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Silver futures fell during morning trade in the domestic market on Wednesday as investors and speculators exited positions in the precious metal amidst growing speculation that the US Federal Reserve is moving closer to raising interest rates dimming the lure for the bullion as a store of value.

• Gold prices fell by 0.46 per cent on Wednesday as investors continued to factor in an increased chance of a near-term US interest rate rise. Market players will pay close attention to comments from a number of Fed officials later in the day for further hints on the timing of a US rate hike. Besides the Fed speakers traders will focus on an advanced read on international trade for April and FHFA home prices.

• Crude oil prices rose by 0.85 per cent on Wednesday after US industry stock data showed a sharp drop at the end of last week. The American Petroleum Institute said that crude oil stock dropped 5.137 million barrels last week compared to a decline of 3.3 million barrels seen as refineries typically ramp up gasoline production as the summer driving season approaches next week in the US with the Memorial Day weekend.

TRADING STRATEGY :
BUY GOLD ABOVE 1230.30 TARGET 1235.30 1241.30 SL 1225.30
SELL GOLD BELOW 1220.20 TARGET 1215.20 1209.20 SL 1226.20

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