SGX IForex Recommendations

TRADING TIPS :

EUR/USD hit 1.2367 during European late morning trade, the pair’s highest since December 5; the pair subsequently consolidated at 1.2361, gaining 0.38%.Official data earlier showed that Germany’s trade surplus widened to €20.6 billion in October from €18.6 billion in September, whose figure was revised up from a previously estimated trade surplus of €18.5 billion. Analysts had expected the trade surplus to widen to €19.2 billion in October.The report came a day after data showed that German industrial production rose just 0.2% in October, while September’s figure was revised down to 1.1% from 1.4% previously.The data had fuelled concerns over the outlook for fourth quarter growth.

INTRADAY OUTLOOK

Support: 1.2318

Resistance: 1.2380

RECOMMENDATION:

1. Buy EUR/USD Above 1.2382-TG:1.2402/1.2432 SL 1.2352

2. Sell EUR/USD Below 1.2315-TG:1.2295/1.2265 SL 1.2345

INTRADAY OUTLOOK

Immediate Support: 119.66

Immediate Resistance: 120.22

RECOMMENDATION:

1. Buy USD/JPY Above 120.25-TG:120.45/120.75 SL 120.05

2. Sell USD/JPY Below 119.64-TG:119.44/119.14 SL 119.94

SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold prices eased further in Asia on Wednesday with physical demand cues sought as the year-end holiday season approaches. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery rose traded at $1.229.50, down 0.20%. Expectations of higher borrowing rates going forward are considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise

TRADING STRATEGY :
SELL GOLD BELOW 1225 TARGET 1220 1214 SL 1231
BUY GOLD ABOVE 1234 TARGET 1239 1245 SL 1228

S&P Market News Update

The U.S. stock market staged a rebound on Tuesday but still ended the day lower, even after erasing steep opening losses sparked by China’s tightening of lending rules and Greece’s surprise elections announcement.

The S&P 500 SPX, -0.02%   ended the session virtually flat at 2,059.88 after staging an impressive rebound from session lows.