SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold prices jumped in Asia on Thursday after mildly dovish comments made in a policy review last month and released as minutes that called into question the timing of a rate hike. The Fed policymakers meeting expressed concern that raising interest rates too soon could pour cold water on the U.S. economic recovery, according to minutes from the Fed’s Jan. 27-28 meeting. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 1.23% to trade at $1,215.00 a troy ounce.

TRADING STRATEGY :

BUY GOLD ABOVE 1218 TARGET 1223 1229 SL 1212
SELL GOLD BELOW 1211 TARGET 1206 1200 SL 1217

Forex Market Update

The dollar USDJPY, -0.10%  traded flat at 118.60 yen, compared with ¥119.25 late Tuesday in New York. The euro EURUSD, +0.14%  traded at $1.1397, compared with $1.1403.

Meanwhile, the British pound GBPUSD, +0.08%  traded higher against the dollar, building on momentum from the rate-setting U.K. Monetary Policy Committee’s unanimous vote to leave the central bank’s benchmark interest rate at 0.5% and its bond-buying program unchanged.

The pound GBPUSD, +0.08%  was last at $1.5455, just below its highest level since the beginning of 2015, compared with $1.536 before the meeting.

The ICE U.S. Dollar Index, DXY, -0.09%  , a measure of the dollar’s strength against a trade-weighted basket of six major currencies, was up 0.07% to 94.1190.

Gasoline Market Update

Back on Nymex, March gasoline RBH5, -0.84% fell 1.7 cents, or 1%, to $1.574 a gallon and March heating oil HOH5, -0.96%  ended at $1.959 a gallon, down 1.8 cents, or 0.9%. 

March natural gas NGH15, -0.32%  rose 7.2 cents, or 2.6%, to $2.83 per million British thermal units ahead of a U.S. supply update due Thursday.