SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Gold futures pushed higher in Europe trade on Wednesday, as retreating oil prices, a weaker dollar and losses in global equity markets underpinned demand for assets perceived as safer.Global stock markets plunged as oil prices fell to fresh 13-year lows, adding to fears over the outlook for global growth. Japan’s Nikkei 225 entered a bear market Wednesday, whileHong Kong stocks hit a three-and-a-half year low.

• West Texas Intermediate oil prices sank to a fresh 13-year low in Europe trade on Wednesday, as ongoing concerns over the strength of the global economy added to uncertainty about how quickly the global glut of crude is set to shrink.The International Monetary Fund cut its global growth forecasts for the third time in less than a year on Tuesday, citing a sharp slowdown in China , weak commodity prices and rising interest rates in the U.S.

• Crude oil prices closed lower in the domestic market on Tuesday as investors continued to digest Iran’s historic return to global energy markets and reports of record annual demand in China while oil prices remained at near 12-year lows. Investors continued to react to Saturday’s Implementation Day announcement after a report from the International Atomic Energy Agency (IAEA) found that the Persian Gulf state completed the steps necessary to restrict its nuclear testing program.

TRADING STRATEGY :
BUY GOLD ABOVE 1095 TARGET 1100 1106 SL 1089
SELL GOLD BELOW 1090 TARGET 1085 1079 SL 1096

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