SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Gold futures were higher in European trade on Thursday, after falling to a seven-week low overnight as investors continued to factor in an increased chance of a near-term U.S. interest rate rise.Odds of a Fed rate hike for June stood at nearly 32% Thursday morning, according to futures markets. July odds were at about 60%.

• Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing.Oil prices have rallied in recent weeks as a string of outages, due in part to wildfires in Canada and unrest in Nigeria and Libya, knocked out nearly 4 million barrels per day of production.

• Crude oil prices rose by 1.17 per cent on Thursday boosted after US government figures showed a sharper-than-expected draw down in crude stocks last week.US crude stocks fell 4.2 million barrels to 537.1 million in the week to May 20 the steepest weekly drop in seven weeks the US Department of Energy’s Energy Information Administration said on Wednesday.

TRADING STRATEGY :
BUY GOLD ABOVE 1231.5 TARGET 1236.5 1242.5 SL 1226.5
SELL GOLD BELOW 1225.3 TARGET 1220.3 1214.3 SL 1230.3

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