SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Gold prices edged higher in European morning hours on Friday, as weakness in the U.S. dollar continued after the minutes of the Federal Reserve’s latest policy meeting gave little indication on the timing of a rate hike.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.08% at $1,145.40.The December contract ended Thursday’s session 0.38% lower at $1,144.30 an ounce.Futures were likely to find support at $1,136.30, the low from October 6 and resistance at $1,152.90, the high from October 7.

• Crude oil prices edged higher in Asia on Friday as Fed signals that rates will stay on hold and moves afoot to trim output help. On the New York Mercantile Exchange, WTI crude for November delivery rose 0.23% to $49.55 a barrel.Overnight, crude futures surged more than 3% on Thursday to reach fresh monthly highs, as energy traders continued to digest bullish comments from OPEC Secretary-General Abdalla Salem El-Badri on robust global demand growth over the next year.

• Copper futures were up 1.50% at Rs 344.95 per kg today as speculators enlarged bets, largely in step with a firming trend in base metals at the London Metal Exchange (LME).At Multi Commodity Exchange, copper for delivery in November rose Rs 5.10, or 1.50%, at Rs 344.95 per kg, in a turnover of 4,681 lots. Metal for delivery in far-month February next year also rose Rs 4.80 to trade at Rs 350.60 per kg, with trade volume of 86 lots.

TRADING STRATEGY :
BUY GOLD ABOVE 1158 TARGET 1163 1169 SL 1152
SELL GOLD BELOW 1145 TARGET 1140 1134 SL 1152

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