SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Oil prices pushed higher in European trade on Wednesday, extending overnight gains, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell at a faster pace than expected last 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 2.4 million barrels.

• Gold prices were higher in European trade on Wednesday, bouncing back from the prior session’s losses as market players all but ruled out further rate hikes by the Federal Reserve this year in the aftermath of Britain’s shock vote to leave the EU.Gold for August delivery on the Comex division of the New York Mercantile Exchange tacked on $5.30, or 0.4%, to trade at $1,323.20 a troy ounce by 06:45GMT, or 2:45AM ET.

• Nickel futures were trading lower by nearly 0.83 per cent during the afternoon trade in the domestic market on Wednesday as speculators reduced their exposure tracking a weak trend at the domestic spot markets on low demand. The fall in nickel prices was mostly in tune with a weak trend at the domestic spot markets due to muted demand from alloy-makers but a firm trend in base metals at the LME restricted losses.

TRADING STRATEGY :
BUY GOLD ABOVE 1321.5 TARGET 1326.5 1332.5 SL 1316.5
SELL GOLD BELOW 1315.5 TARGET 1310.5 1304.5 SL 1320.5

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