Palladium Market Update

Palladium for March delivery PAH5, -0.31% shed $3.70, or 0.45%, to $810.40 an ounce, while April platinum PLJ5, +0.00%  gained $5.70, or about 0.46%, to $1,241 an ounce.

High-grade copper for March delivery HGH5, -1.67%  lost 3 cents to $2.69 a pound, touching levels not seen since October 2009.

Unsettled equities keep gold in favor

Gold prices broke higher again on Tuesday, maintaining their upward momentum with investors leaning toward caution as earnings season gets underway.

Gold for February delivery GCG5, +0.45%  was up $6.20, or 0.5%, to $1,239.00 an ounce, while March silver SIH5, +2.03% climbed 28 cents, or 1.7%, to $16.85 an ounce.

Oil extends selloff, WTI crude drops below $45-a-barrel

Oil prices fell for the second consecutive day with both the crude benchmarks down nearly 2% in Asian trade Tuesday.

On the New York Mercantile Exchange, light, sweet crude for delivery in February CLG5, -2.91%  traded at $44.96 a barrel, down $0.71 in the Globex electronic session. Brent crude LCOG5, -2.78%   for February delivery on London’s ICE Futures exchange fell $1.51, or 3.1%, to $45.92 a barrel.

Oil prices had lost around 5% on Monday alone, extending the selloff that has gripped oil markets since mid-2014, as sell-side analysts slashed price forecasts and warned of a prolonged glut in global oil markets that will extend well into 2015.

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices eased lower in early Asia on Tuesdya with investors warily eyeing the global commodity complex as crude oil continues to plunge.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at 1.230.90 a troy ounce, down 0.15%, while silver futures for March delivery climbed 0.05% to trade at $16.572an ounce.Overnight, copper prices fell to a more than five-year low on Monday, as growing concerns over a slowdown in global demand combined with a broadly stronger U.S. dollar dampened the appeal of the red metal.Copper for March delivery on the Comex hit a daily low of $2.700 a pound, a level not seen since October 2009, before trading at $2.717 during U.S. morning hours, down 1.37%. On early Tuesday in Asia, copper futures were flat at 2.722 a pound.Copper fell after data showed that Chinese producer price inflation dropped by the most in two years in December, underling concerns over a slowdown in demand.The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

TRADING STRATEGY :

BUY GOLD ABOVE 1242 TARGET 1247 1253 SL 1236
SELL GOLD BELOW 1230 TARGET 1225 1219 SL 1236

KLSE IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.5099 during European morning trade, the session low; the pair subsequently consolidated at 1.5120, shedding 0.25%. Cable was likely to find support at 1.5032, the low of January 8 and an 18-month low and resistance at 1.5337, the high of January 5. The pound slid to nearly 18-month lows against the U.S. dollar in quiet trade on Monday, as demand for the greenback remained broadly supported despite Friday’s downbeat U.S. average earnings data.The Labor Department reported on Friday that the economy added 252,000 jobs in December, more than the 240,000 forecast by economists. The unemployment rate ticked down to a six-and a-half year low 5.6%.However, average earnings fell by 0.2% last month and were up by only 1.7% from a year earlier.



INTRADAY OUTLOOK
Support: 1.5148
Resistance: 1.5215

RECOMMENDATION:
1. Buy GBP/USD Above 1.5218-TG: 1.5238/1.5268 SL 1.5188
2. Sell GBP/USD Below 1.5145-TG: 1.5125/1.5095 SL 1.5175

INTRADAY OUTLOOK
Immediate Support: 1.1812
Immediate Resistance: 1.1887

RECOMMENDATION:
1. Buy EUR/USD Above -1.1890 TG: 1.1910/1.1940 SL 1.1860
2. Sell EUR/USD Below -1.1810 TG:1.1790/1.1760 SL 1.1840