SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Gold prices rose by 0.31 per cent on Thursday after Fed minutes showed tension on rate hike views. The latest Federal Open Market Committee meeting showed Kansas City Fed President Esther George had some support of her view another rate hike was appropriate from a couple non-voting members.

• Crude oil futures jumped in the domestic market during noon trade on Thursday as investors cheered a surprise drop in US crude stockpiles from an 86-year high easing fears over a global supply glut.The EIA reported that US crude oil supplies fell by 4.9 million barrels to 529. 9 million barrels in the week ended April 1 2016 whilst production declined by 14000 barrels a day to 9.01 million barrels per day the lowest since November 2014.

• Copper prices traded steady after hitting a one-month low of 2.1305 earlier this week. The Fed’s meeting minutes led to moderate weakness in the USD, which in turn underpinned metals prices. Shanghai Futures Exchange copper was steady at 36,700 yuan ($5,668) a tonne.

TRADING STRATEGY :
BUY GOLD ABOVE 1244 TARGET 1249 1255 SL 1238
SELL GOLD BELOW 1234 TARGET 1229 1223 SL 1240

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