COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

• Gold eased Friday on light profit-taking, a day after achieving its biggest one-day rally in two years. But support remained solid above the $1,200 level from safe-haven demand triggered by the recent weakness on Wall Street and spike in Treasury yields. “My 35 years on the floor have seen all this before,” George Gero, analyst at the RBC Wealth Management in New York, said, referring to gold’s ability to stay above the $1,200 level despite a series of rate hikes planned by the U.S. Federal Reserve.
• The winter heating season officially began this month, with U.S. supplies of natural gas roughly 17% below the five-year average for this time of year—sending prices for the commodity to their highest levels since January. That could presage elevated, volatile prices as temperatures begin to fall. Domestic natural-gas supplies in storage stood at 2.956 trillion cubic feet for the week ended Oct. 5, according to the U.S. Energy Information Administration.
• Oil prices rebounded Friday from the previous day's rout, but still logged their biggest weekly loss since the second quarter after data showed U.S. drillers ramping up output, even as a second global energy agency said the market was adequately supplied. A weekly reading on the U.S. oil rig count rose by eight, the first such climb in four weeks, which signaled the U.S. shale crude industry was intensifying drilling with prices near four-year highs.

ECONOMY NEWS

• Italian officials must stop questioning the euro and need to "calm down" in their budget debate as they have already caused damage to firms and households, European Central Bank ECB President Mario Draghi said on Saturday. Italy's government has been locked in a war of words with European officials over Rome's plans to triple the deficit next year, backtracking on a previous pledge to narrow the budget gap in one of the bloc's most indebted countries.
• The International Monetary Fund said on Saturday its members pledged to refrain from competitive currency devaluations and step up dialogue on trade, as escalating trade frictions and higher borrowing costs threatened to knock global growth. The agreement came as U.S. Treasury Secretary Steve Mnuchin reiterated his concern over the yuan's weakening against the dollar - a drop that Washington suspects may be aimed at giving Chinese exports a trade advantage and offsetting U.S. tariffs.
• Japan wants to highlight global imbalances as key topics of debate, and take steps to fix them, when it chairs next year's gatherings of the Group of 20 major economies, government officials said this week. Tokyo hopes other countries would join Japan to counter U.S. President Donald Trump's focus on narrowing U.S. trade deficits through purely bilateral trade deals, the officials say, rather than the big international agreements now in place.

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Oil Market Update

Oil futures fell on Monday, pressured by expectations that talks over Iran’s nuclear program could result in an easing of sanctions against the crude exporter.

Prices also headed lower as the turmoil in Yemen looked unlikely to disrupt oil transport in the region.

Crude for delivery in May CLK5, -1.25%  fell 19 cents, or 0.4%, to close at $48.68 a barrel on the New York Mercantile Exchange. May Brent crude LCOK5, -0.76%  on London’s ICE Futures exchange fell 12 cents to $56.29 a barrel.

Copper Market Update

Elsewhere, May copper HGK5, -0.36%  added 1.4 cents, or 0.5%, to end at $2.782 a pound. April platinum PLJ5, +0.27%  fell $26.70, or 2.3%, to $1,116.90 an ounce.

June palladium PAM5, +0.45%  settled lower by $12, or 1.6%, at $729 an ounce.

Gold Market Update

Gold futures settled lower for a second session on Monday as strength in the dollar and a rally in equities drew investors away from the precious metals market.

Gold for April delivery GCJ5, -0.36%  shed $15, or 1.3%, to settle at $1,184.80 an ounce on Comex. May silver SIK5, -1.19%  lost 39.5 cents, or 2.3%, to $16.674 an ounce.

“Gold is struggling with rally fade once again with the shine being taken off by prevailing dollar strength,” said Ross Norman, chief executive officer at Sharps Pixley.

SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold futures retreated on Friday afternoon amid a wavering dollar, as traders awaited comments from Federal Reserve chair Janet Yellen later in the session. On the Comex division of the New York Mercantile Exchange,gold futures for April delivery fell 5.80% or 0.48% to $1,199 a troy ounce. The decline came one day after gold reached a  three-week high at $1,205.10, capping a rally precipitated by relatively dovish comments from Ms. Yellen on Mar. 18. Gold prices started trending downward on Mar. 6, after the release of a promising U.S. jobs report fueled speculation that the Fed could raise interest rates sooner than expected. Prices then dipped to a four-month low last week at 1,148.20 ahead of the Fed’s decision to remove its stance of remaining patient on the timing of a potential rate hike.

TRADING STRATEGY :
BUY GOLD ABOVE 1207 TARGET 1212 1218 SL 1201
SELL GOLD BELOW 1194 TARGET 1189 1183 SL 1200

Gasoline Market Update

Back on Nymex Friday, April gasoline RBJ5, -4.55%  settled at $1.798 a gallon, down 8.4 cents, or 4.5%. It was about flat for the week. April heating oil HOJ5, -3.07%  fell 6 cents, or 3.4%, to $1.7275 a gallon—down about 0.4% on the week.

April natural gas NGJ15, -2.81%  fell 8.2 cents, or 3.1%, to $2.59 per million British thermal units, with the contract down 7% for the week. The April contract expired at the close of Nymex trading.

Oil Market Update

Oil futures settled lower on Friday for the first time in six sessions but still gained about 5% for the week, with strength fueled in part by an escalating conflict in Yemen.

Meanwhile, data revealed that the number of active oil and natural-gas drilling rigs fell for a 16th week in a row, and that the declines in the rig counts have slowed.

West Texas Intermediate crude for delivery in May CLK5, -5.83%  settled at $48.87 a barrel, down $2.56, or 5% on the New York Mercantile Exchange, with the front-month contract ending about 4.9% higher for the week following a 4.5% jump on Thursday.

May Brent crude on London’s ICE Futures exchange LCOK5, -5.19%  fell $2.78, or 4.7%, to $56.41 a barrel, leaving it with a weekly gain of around 2%.

Copper Market Update

Other metals weakened along with gold and silver. May copper HGK5, -1.71%  dropped 4.35 cents, or 1.6%, to $2.7675 a pound — up roughly 0.2% for the week. 

April platinum PLJ5, -1.20%  fell $10.40, or 0.9%, to $1,143.60 an ounce — 0.2% higher from the week-ago settlement. June palladium PAM5, -4.58%  gave up $32.35, or 4.2%, to $741 an ounce, losing around 4.9% for the week.

Gold Market Update

Gold futures settled with a loss on Friday, putting an end to a seven-session stretch of gains that had lifted prices to their highest level in more than three weeks.

Prices rallied particularly strongly over the past two trading sessions as declines in global equities and turmoil in Yemen helped buoy safe-haven investment demand for the metal.

Gold for April delivery GCJ5, -0.56%  shed $5, or 0.4%, to settle at $1,199.80 an ounce Friday on Comex. During their seven-session climb, gold futures tallied a total gain of 4.9%. For the week, prices gained 1.3%.

May silver SIK5, -0.99%  settled down 7.1 cents, or 0.4%, at $17.069 an ounce, leaving it with a weekly gain of 1.1%.

SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold prices dipped in Asia on Friday as mixed data from Japan signaled continued easy monetary policies. In Japan on Friday, the country reported that February national core CPI (excluding perishables but including energy) rose 2.0%, less than the 2.1% year-on-year gain expected, a 21st year-on-year rise but the smallest gain since 1.3% in March 2014. The unemployment rate came in at 3.5% as expected, down from 3.6% in January, while the job offers to seekers index met its 1.15 expectation (115 job offers for every 100 people looking for work), up from 1.14 in January and posting the highest reading since 1.19 in March 1992. Household spending fell 2.9%, less than the 3.2% year-on-year decline seen in real terms, but still an 11th consecutive year-on-year drop.

TRADING STRATEGY :
BUY GOLD ABOVE 1207 TARGET 1212 1218 SL 1201
SELL GOLD BELOW 1198 TARGET 1193 1187 SL 1204

Gasoline Market Update

In other Nymex-traded commodities, prices for petroleum products climbed, too. April gasoline RBJ5, -1.39%  traded at $1.862 a gallon, up 2.6 cents, or 1.4%, while April heating oil added 4.1 cents, or 2.4%, to $1.769 a gallon.

April natural gas NGJ15, -0.60%  turned lower to trade at $2.666 per million British thermal units, down 5.7 cents, or 2.1%. The EIA reported Thursday an increase of 12 billion cubic feet in last week’s natural-gas supplies. Analysts polled by Platts forecast a rise of 12 to 16 billion cubic feet.

Oil Market Update

Oil futures jumped past $50 a barrel on Thursday, headed for their fifth straight daily gain as Saudi Arabian airstrikes in Yemen raised fresh concerns over potential disruptions to crude supplies.

May crude CLK5, -1.79%  climbed 98 cents, or 2%, to $50.19 a barrel on the New York Mercantile Exchange. It hit an intraday high of $52.48 a barrel, according to FactSet data.

May Brent crude LCOK5, -1.54%  on London’s ICE Futures exchange rose $1.70, or 3%, to $58.18 a barrel.

Copper Market Update

Other metals traded on Comex climbed along with gold. May copper HGK5, -1.03%  rose 1.9 cents, or 0.1%, to $2.811 a pound. 

April platinum PLJ5, -0.31%  tacked on $7.50, or 0.7%, to $1,154 an ounce and June palladium PAM5, -0.74%  rose $7.95, or 1%, to $773.35 an ounce.

Gold Market Update

Gold futures rallied past $1,200 an ounce on Thursday to settle at their highest level since early March as investors backed away from riskier assets amid a selloff for global equities and increased tension in the Middle East.

Gold for April delivery GCJ5, -0.30%  climbed $7.80, or 0.7%, to settle at $1,204.80 an ounce on Comex. Prices have now climbed for seven sessions in a row, tallying a total gain of 4.9% during their streak of gains.

May silver SIK5, -0.55%  added 14 cents, or 0.8%, to end at $17.14 an ounce.

SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold prices tread water in early Asia on Thursday with support coming from expectations the Federal Reserve will act later rather than sooner on a widely expected hike in rates this year. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery held nearly flat at $1,197.10 a troy ounce. Overnight, gold future prices spiked on Wednesday reaching a three-week high,as weak data on U.S. durable goods strengthened the case for delaying a potential interest rate hike. Gold had been in free fall until March 17, as speculation mounted that the Federal Reserve could raise interest rates as early as June. Last week, gold futures plunged to a four-month low of $1,148.20 ahead of the Fed’s decision to remove its stance of remaining patient on the timing of a potential rate hike.Still, relatively dovish comments from Fed chair Janet Yellen on slower long-term increases for inflation, interest rates and GDP growth have fueled speculation that the Fed could raise its benchmark Federal Funds Rate later than previously had been expected.

TRADING STRATEGY :
BUY GOLD ABOVE 1201 TARGET 1206 1212 SL 1195
SELL GOLD BELOW 1194 TARGET 1189 1183 SL 1200

Gasoline Market Update

On Nymex, April gasoline RBJ5, +1.24% fell less than half a cent to $1.7997 a gallon, while April heating oil HOJ5, +1.85%  lost 2.4 cents, or 1.4%, to $1.7065 a gallon.

April natural gas NGJ15, +0.66%  settled at $2.786 per million British thermal units, up 5.3 cents, or 1.9%.

Oil Market Update

Oil futures finished modestly higher Tuesday, holding near a two-week high, as upbeat manufacturing data boosted the outlook for crude demand ahead of weekly reports on U.S. petroleum supplies.

On the New York Mercantile Exchange, crude for delivery in May CLK5, +3.74%  settled at $47.51 a barrel, up 6 cents, or 0.1% — the contract’s third-straight session gain. That was the highest settlement for a front-month contract since March 11.

May Brent crude LCOK5, +2.90%  on London’s ICE Futures exchange fell 81 cents, or 1.5%, to $55.11 a barrel.

Platinum Market Update

In other metals trading, April platinum PLJ5, +0.28%  gained $5 to end at $1,146.50 an ounce, while June palladium PAM5, +0.31%  rose $1.70 to $765.40 an ounce.

May copper HGK5, +0.48%  fell 1 cent to $2.79 a pound.

Gold Market Update

Gold futures rebounded from early weakness and posted a sixth straight winning session on Wednesday after an unexpected drop in February durable-goods orders.

Gold for April delivery GCJ5, +0.18%  rose $5.60, or 0.5%, to close at $1,197 an ounce on Comex after tapping an intraday high of $1,199.30. The close was the highest since March 4.

May silver SIK5, +0.21%  rose 2 cents, or 0.1%, to settle at $17 an ounce.

SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold prices ticked down in Asia early Wednesday in a light regional data day. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery eased 0.05% ro 1,191.00 a troy ounce. Overnight, gold future prices edged up on Tuesday posting its fifth consecutive daily gain, as consumer prices in the U.S. for February rebounded from the previous month. The Labor Department on Tuesday said its Consumer Price Index (CPI) rose 0.2% for February, one month after declining 0.1%. The slight uptick last month ended a three-month streak of declines. On a year-over-year basis the CPI remained unchanged from its February 2014 level, though analysts had forecasted it to slip by 0.1% from last year’s figure. Core CPI, which excludes food and energy costs, moved up by 0.2% increasing at the same rate as it had a month earlier. On a year-over-year basis, however, core CPI is up 1.7% from its level last year at this time.

TRADING STRATEGY :
BUY GOLD ABOVE 1195 TARGET 1200 1206 SL 1189
SELL GOLD BELOW 1185 TARGET 1180 1174 SL 1191