SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• West Texas Intermediate oil prices rallied to a five-month high in European trade on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a slower 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 gain of 2.4 million barrels.

• Gold futures ticked higher in European trade on Wednesday, as investors looked ahead to the Federal Reserve’s rate decision due later in the day for fresh guidance on the future path of U.S. interest rates.While the Fed is widely expected to leave interest rates unchanged at the conclusion of its policy meeting at 18:00GMT, or 2:00PM ET, Wednesday, the U.S. central bank could provide guidance on its pace of tightening over the next several months.

• Copper prices fell by 0.70 per cent on Wednesday after Japan’s all industries activity index fell last month official data showed on Wednesday signaling weak sentiment in the region which reduced the demand outlook for the metal. In a report Japanese Ministry of Economy Trade and Industry said that Japan’s All Industries Activity Index fell to a seasonally adjusted -1.2 per cent from 1.2 per cent in the preceding month whose figure was revised down from 2.0 per cent.

TRADING STRATEGY :
BUY GOLD ABOVE 1248 TARGET 1253 1259 SL BELOW 1243
SELL GOLD BELOW 1242.5 TARGET 1237.5 1231.5 SL ABOVE 1247.5

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