SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Natural Gas futures plunged by more than 5 per cent in the domestic market on Thursday as investors and speculators shunned the energy commodity tracking a bearish trend in the overseas market as a smaller-than-expected storage withdrawal signaled weak demand for the heating fuel in the world’s biggest economy even amidst the peak winter season fueling concerns over high storage levels.

• Copper prices fell by 0.54 per cent on Friday after the number of people who filed for unemployment assistance in the US rose unexpectedly last week signaling weak labor market in US world’s largest economy which reduced the demand for the metal. The US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending January 8 increased by 7000 to a seasonally adjusted 284000 from the previous week’s total of   277000.

• Gold surged on Friday enjoying its strongest one-day move in six weeks, as a batch of soft U.S. economic data and further signals of weakness in China sent investors scurrying toward the safe-haven asset.On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a broad range between $1,076.00 and $1,097.20 an ounce before settling at $1,090.00, up 15.80 or 1.47% on the session.

TRADING STRATEGY :
BUY GOLD ABOVE 1092 TARGET 1097 1103 SL 1086
SELL GOLD BELOW 1084 TARGET 1079 1073 SL 1090

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