Gold nudges up after last week’s strong finish

 Gold gained on Monday, building on the prior trading session’s big jump that pushed prices to their highest level since Halloween.

Despite the strong close, last week was still in the negative. This week is starting off a little better. Gold for December delivery GCZ4, +0.19% added $1.80, or 0.21%, to $1,187.40 an ounce. But December silver SIZ4, -1.07%  was down 4 cents to $16.27 an ounce.

KLSE IForex Recommendations

TRADING TIPS :

EUR/USD was up 0.33% at 1.2517, up from a session low of 1.2399 and off a high of 1.2524.The pair was likely to find support at 1.2393, Tuesday’s low, and resistance at 1.2578, the high from Nov. 4. T ThomsonReuters/University of Michigan’s preliminary reading on the overall consumer sentiment index for November hit 89.4, its highest reading since July 2007, beating forecasts for an 87.5 reading.The euro steadied against the dollar on Friday, taking back earlier losses steaming from upbeat U.S. retail sales data, as a better-than-expected euro area growth report fueled demand for the single currency.



INTRADAY OUTLOOK
Support: 1.2480
Resistance: 1.2545

RECOMMENDATION:
1. Buy EUR/USD Above 1.2547-TG:1.2567/1.2597 SL 1.2517
2. Sell EUR/USD Below 1.2478-TG:1.2458/1.2428 SL 1.2508

INTRADAY OUTLOOK
Immediate Support: 115.87
Immediate Resistance: 116.36

RECOMMENDATION:
1. Buy USD/JPY Above 116.38-TG:116.58/116.88 SL 116.08
2. Sell USD/JPY Below 115.85-TG:115.65/115.35 SL 116.15

KLSE Stock Recommendations

MARKET UPDATES :

SIME Darby Bhd will be satisified with having only a 51 per cent controlling stake in New Britain Palm Oil Ltd (NBPOL), which will allow it to secure control of the latter at the shareholder, board and management levels, says its president and group chief executive Tan Sri Mohd Bakke Salleh. He said the conglomerate was also willing to allow the Papua New Guinea (PNG) government to raise its stake in NBPOL to 30 per cent from 18 per cent upon conclusion of its takeover of NBPOL in a deal worth £1.07 billion (RM5.63 billion). The acquisition is expected to be completed by December 19.Sime Darby had on October 9 announced an offer to buy all of NBPOL shares through unit Sime Darby Plantation Sdn Bhd as part of the requirement to obtain a minimum 51 per cent of the voting rights in the global producer of sustainable palm oil.


STOCK RECOMMENDATION :
BUY GENTING PLANTATIONS ABOVE 10.50 TGT 10.70 ,11 SL 10.25

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold price rose slightly in early Asia on Friday on hopes for physical demand as the end of year holiday season approaches. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,161.50 a troy ounce, up 0.05%, after hitting an overnight session low of $1,153.40 and off a high of $1,167.30. Overnight, gold prices rose earlier on news more sought first-time joblessness assistance in the U.S. last week, which weakened the dollar, though the yellow metal gave back gains on sentiments the Federal Reserve will hike interest rates next year.



TRADING STRATEGY :
BUY GOLD ABOVE 1186 TGT 1190,1195 SL 1181
SELL GOLD BELOW 1182 TGT 1178,1173 SL 1187

Current Market Update

 Here are the latest trading levels for Asia's major stock markets: 

Tokyo (Nikkei Average) down 2.2% 

 Hong Kong (Hang Seng Index) down 0.5% 

 Shanghai (Shanghai Composite Index) up 0.7% (at break) 

 Sydney (S&P/ASX 200) down 0.9% 

 Seoul (Kospi) down 0.1% 

 Mumbai (Sensex) down 0.2% Taipei (Taiex) down 0.6%