SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold futures are trading with mild gains in Asia today. The commodity witnessed massive losses post non farm payrolls on Friday. Gold futures for April delivery tumbled around 3% to close at their four month low, erasing all the gains in the current year. Crude oil futures also fell sharply, breaking under $50 per barrel, as the US dollar strengthened broadly following the release of upbeat US employment data. The dollar index,which measures the greenback’s strength against a trade-weighted basket of six major currencies, jumped near 98 on Friday, the highest since September 2003. COMEX Gold futures broke under $1200 per ounce amid massive strength in US dollar. The dollar is quoting around 1.0800 mark against the Euro right now. COMEX Gold is quoting at $1171.60 per ounce, up $7.30 per ounce on the day. MCX Gold futures are trading at Rs 26067 per 10grams, up Rs 55 per 10 grams on the day.

TRADING STRATEGY :
BUY GOLD ABOVE 1165.50 TARGET 1170.50 1176.50 SL 1159.50
SELL GOLD BELOW 1155 TRAGET 1150 1144 SL 1161

SGX IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.5029 during European morning trade, the session low; the pair subsequently consolidated at 1.5052, declining 0.51%.Cable was likely to find support at 1.4986, the low of February 3 and resistance at 1.5135, Monday’s high.The dollar remained broadly supported after the latest U.S. jobs report heigthened expectations for higher interest rates.The Fed is expected to begin raising interest rates around the middle of this year and investors were looking ahead to next week’s policy statement to see if it would drop its reference to being patient before raising rates.

INTRADAY OUTLOOK

Support: 1.5022

Resistance: 1.5097

RECOMMENDATION:

1. Buy GBP/USD Above 1.5099-TG: 1.5119/1.5149 SL 1.5069

2. Sell GBP/USD Below 1.5020-TG: 1.5000/1.4970 SL 1.5050

INTRADAY OUTLOOK

Support: 1.0722

Resistance: 1.0788

RECOMMENDATION:

1. Buy EUR/USD Above 1.0790-TG: 1.0810/1.0840 SL 1.0760

2. Sell EUR/USD Below 1.0720-TG: 1.0700/1.0670 SL 1.0750

Forex Market Update

The dollar rose against five of its six rival G-10 currencies Tuesday as investors worried that the Fed could raise rates prematurely, and that negotiations between Greece and its creditors could capsize.

The ICE U.S. Dollar Index DXY, +0.09%  , a measure of the buck’s strength against a basket of six rival currencies, rose 1.1% to 98.62, as U.S. stocks plummeted, with the Dow Jones Industrial Average seeing its worst day since Oct. 9.

The euro EURUSD, -0.10% traded at $1.0700 Tuesday evening, a level not seen since April 2003. That compares with $1.0853 late Monday in New York.

The greenback traded at ¥121.13, after rising to ¥122.01 during the European trading day, its highest level against the Japanese yen USDJPY, +0.17% since July 2007. The dollar bought ¥121.15 late Monday.

Meanwhile, the dollar traded at $1.50 to the pound GBPUSD, +0.09% compared with $1.51 Monday; at 8.56 krona USDSEK, +0.14%  to the dollar, compared with 8.49; at 0.9994 franc USDCHF, -0.07%  to the dollar, versus 0.9864 and 78.79 cents to the Canadian dollar CADUSD, -0.02%  , up from 79.21.