Gold Market Update

Gold prices declined slightly over 2014 as losses in the year’s final day of trading prevented the metal from merely breaking even on an annual basis.

Gold for February delivery GCG5, -1.43%  fell $16.30, or 1.4%, to settle at $1,184.10 an ounce on the New York Mercantile Exchange, according to FactSet data. At one point during the trading day, it looked as if gold may eke out a slight gain as it hit a session high of $1,203.90 an ounce.

SGX Singapore Closing Market Update

SINGAPORE shares ended lower on Wednesday with the Straits Times Index slipping 0.96 point to 3,365.15.

Some 587.7 million shares, valued at S$514 million were traded. 

Gainers numbered 194 while losers numbered 131.

SGX IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.5548 during European morning trade, the session high; the pair subsequently consolidated at 1.5535, adding 0.08%. Cable was likely to find support at 1.5484, the low of December 23 and a 16-month low and resistance at 1.5667, the high of December 22.The dollar remained broadly supported after final data last week showed that U.S. gross domestic product rose 5.0% in the third quarter, exceeding expectations for a growth rate of 4.3% and up from 3.9% in the three months to June.The strong data fuelled further optimism over the strength of the U.S. economic recovery and added to expectations for the Federal Reserve to raise interest rates next year. Year-on-year, U.K. house prices rose 7.2% in December, below expectations for a 7.5% gain, after an increase of 8.5% the previous month.

INTRADAY OUTLOOK

Support: 1.5518

Resistance: 1.5567

RECOMMENDATION:

1. Buy GBP/USD Above 1.5570-TG:1.1.5590/1.5620 SL 1.5540

2. Sell GBP/USD Below 1.5515-TG:1.1.5495/1.5465 SL 1.5545

INTRADAY OUTLOOK

Immediate Support: 1.2138

Immediate Resistance: 1.2183

RECOMMENDATION:

1. Buy EUR/USD Above 1.2185-TG:1.2205/1.2235 SL 1.2155

2. Sell EUR/USD Below 1.2135-TG:1.2115/1.2085 SL 1.2165