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INTERNATIONAL COMMODITY NEWS :
Gold prices eased mildly in Asia on Wednesday as investors continued to eye Greece in the euro zone and await upcoming Federal Reserve minutes for hints on the timing of an interest rate hike widely expected this year.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.11% to $1,217.30 on Wednesday in early Asia.Overnight, gold futures were up for the third consecutive session on Tuesday, as safe-haven demand was boosted amid growing fears that Greece might exit the euro zone.
TRADING STRATEGY :
BUY GOLD ABOVE 1223.5 TARGET 1228.5 1234.5 SL 1217.5
SELL GOLD BELOW 1212 TARGET 1207 1201 SL 1218
MARKET UPDATES :
Hong Leong Investment Bank Research (HLIB Research) has recommended a ‘buy’ call on Tenaga Nasional Bhd (TNB) at a higher target price of RM16. HLIB Research said it has maintained ‘overweight’ call on power sector and upgraded its target price on TNB shares from RM15 to RM16, based on a discounted cash flow to equity valuation, after rolled-forward its valuation up to financial year 2016. “We maintained our ‘overweight’ call on the power sector as the government continued to push through industry transformation and transparency. “
STOCK RECOMMENDATION :
BUY YTL CORP ABOVE 1.620 TARGET 1.660 1.710 SL 1.580
TRADING TIPS :
USD/JPY sliding 0.58% to 118.93 from 119.62 late Monday.The safe haven yen was boosted by declines in Asian equity markets overnight, as falling oil prices and concerns over the outlook for the euro zone economy sparked a selloff in stocks.The U.S. dollar index, which measures the greenback against a basket of six major currencies, slid 0.13% to 91.54 but remained close to Monday’s nine-year peaks, supported by weakness in the euro. The dollar remained near nine-year highs against the other major currencies in quiet trade on Monday, as expectations for a U.S. rate hike this year continued to lend broad support to the greenback.
INTRADAY OUTLOOK
Support: 118.64
Resistance: 119.43
RECOMMENDATION:
1. Buy USD/JPY Above 119.45-TG: 119.65/119.95 SL 119.15
2. Sell USD/JPY Below 118.61-TG: 118.41/118.11 SL 118.91
INTRADAY OUTLOOK
Immediate Support: 1.1860
Immediate Resistance: 1.1928
RECOMMENDATION:
1. Buy EUR/USD Above -1.1930 TG: 1.1950/1.1980 SL 1.1900
2. Sell EUR/USD Below -1.1858 TG:1.1838/1.1808 SL 1.1888
Though the market technicals haven’t formally cracked, the U.S. markets are off to a tenuous 2015 start.
The U.S. stock market, as tracked by the S&P 500 SPX, -0.89% is down almost 3% in 2015 to date as investors worry about crude oil’s crash and Greece’s problems. February gold, meanwhile, is up 3%.
The dollar rose Tuesday to its highest level against the Norwegian krone since July 2002 as weakening oil prices continued to weigh on the economies of major oil exporters.
The dollar was unable to entirely avoid the headwinds caused by falling oil.
The greenback USDJPY, +0.54% traded at 118.50 yen, its weakest level against the Japanese currency since mid-December. Japan relies on oil imports to meet its energy demand.
The euro EURUSD, -0.10% fell to $1.1859, hitting a nine-year low for the second time in two sessions. The shared currency traded at just above $1.19 Monday afternoon.
