Gold snaps 7-day losing streak but posts weekly loss

Gold snapped a seven-day losing streak on Friday after data showed the U.S. economy created fewer jobs than expected in November. But the precious metals still closed out the week 1.5% lower.

Gold for December delivery GCZ4, +3.16%  climbed $27.20, or 2.4%, to settle at $1,169.80 an ounce. December silver SIZ4, +2.58%  gained 30 cents to $15.71 an ounce.

KLSE IForex Recommendations

TRADING TIPS :

GBP/USD was trading at 1.5978, almost unchanged for the day, off Wednesday’s one-year lows of 1.5867. Sterling had a subdued reaction after the Office of National Statistics said industrial production rose 0.6% in September, beating expectations for a 0.4% gain. On a year-over-year basis, industrial output rose 1.5%, in line with forecasts.Manufacturing production increased by 0.4% from a month earlier, slightly better than forecasts of 0.3% and rose by an annualized 2.9%.The pound fell to a one year low against the dollar on Wednesday after data showed that the U.K. service sector expanded at the slowest rate in 17 months in October, adding to signs that the pace of the economic recovery is cooling.



INTRADAY OUTLOOK
Support: 1.2463
Resistance: 1.2523

RECOMMENDATION:
1. Buy EUR/USD Above 1.2525-TG:1.2545/1.2575 SL 1.2495
2. Sell EUR/USD Below 1.2460-TG:1.2440/1.2410 SL 1.2490

INTRADAY OUTLOOK
Immediate Support: 143.21
Immediate Resistance: 143.73

RECOMMENDATION:
1. Buy USD/JPY Above 143.75-TG:143.95/144.35 SL 143.45
2. Sell USD/JPY Below 143.18-TG:142.98/142.68 SL 143.48

KLSE Stock Recommendations

MARKET UPDATES :

As widely anticipated, Bank Negara Malaysia maintained the benchmark interest rate, the Overnight Policy Rate (OPR) at 3.25 per cent.The monetary policy committee, in its last scheduled meeting for the year, warned that exports have shown signs of moderation while private consumption is also expected to moderate.But investment activity is projected to remain robust, supported by broad-based capital spending by both the private and public sectors.


STOCK RECOMMENDATION :

BUY ASTRO MALAYSIA ABOVE 3.380 TG 3.430, 3.490, 3.570 SL 3.310

KLSE GOLD Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices held steady to weaker in Asia on Friday with the market looking for physical demand cues ahead of end of the year holidays. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,141.20 a troy ounce, down 0.01%, after hitting an overnight session low of $1,137.70 and off a high of $1,149.00. Overnight, gold prices hovered near four-year lows on Thursday after upbeat U.S. jobless claims data and dovish comments from European Central Bank President Mario Draghi fueled demand for the dollar.



TRADING STRATEGY :
BUY GOLD ABOVE 1143 TGT 1147,1152 SL 1138
SELL GOLD BELOW 1136 TGT 1132,1127 SL 1141

S&P Market News Update

The S&P 500 and Dow Jones Industrial Average climbed to record levels for the second straight day Thursday, after European Central Bank president Mario Draghi hinted at monetary stimulus of as much as €1 trillion.

The S&P 500 SPX, +0.38% added 7.64 points, or 0.4%, to 2,031.21, with energy and industrial sectors leading the gains.