Commodity Market Update : Epic Research Malaysia

Gold posted its biggest daily percentage drop in 13 months on Thursday as U.S. jobless claims fell sharply, bolstering the Federal Reserve’s commitment to tightening monetary policy later in the year.



Gold for February delivery GCG5, +0.49% skidded $31.30, or 2.4%, to settle at $1,254.60 an ounce, while March silver futures SIH5, +0.94% shed $1.32, or 7.3%, to $16.77 an ounce.

Current Market Update:Epic Research Malaysia

Tokyo (Nikkei Average NIK, +0.75% ) up 0.7%
Hong Kong (Hang Seng Index HSI, -0.11% ) down 0.1%
Shanghai (Shanghai Composite Index SHCOMP, -0.97% ) down 1% (at break)
Sydney (S&P/ASX 200 XJO, +0.83% ) up 0.9%
Seoul (Kospi SEU, +0.05% ) flat
Mumbai (Sensex 1, -0.34% ) up 0.2%


Taipei (Taiex Y9999, -0.30% ) down 0.1%

IForex Recommendations : Epic Research Malaysia

TRADING TIPS :

GBP/USD hit 1.5198 during European morning trade, the session high; the pair subsequently consolidated at 1.5194.Investors were looking ahead to the outcome of Wednesday’s Fed meeting, with the bank expected to stick to its pledge to be patient on tightening monetary policy.Markets shrugged off data on Tuesday showing that U.K. gross domestic product expanded by 0.5% in the final three months of 2014, below forecasts for growth of 0.6%.Year-over-year, U.K. economic growth grew 2.7% in the three months ending December, missing expectations for a gain of 2.8%.A separate report showed that U.K. mortgage approvals dropped to a 20-month low of 35,700 last month from November’s total of 36,700.

INTRADAY OUTLOOK

Support: 1.5136

Resistance: 1.5241

RECOMMENDATION:

1. Buy GBP/USD Above 1.5243-TG: 1.5263/1.5293 SL 1.5213

2. Sell GBP/USD Below 1.5133-TG: 1.5113/1.5083 SL 1.5163

INTRADAY OUTLOOK

Immediate Support: 1.1325

Immediate Resistance: 1.1421

RECOMMENDATION:

1. Buy EUR/USD Above -1.1423 TG: 1.1443/1.1473 SL 1.1393

2. Sell EUR/USD Below -1.1323 TG:1.1303/1.1273 SL 1.1353

Comex Recommendations : Epic Research Malaysia

INTERNATIONAL COMMODITY NEWS :
Gold prices fell in Asia on Thursday after trhe Federal Reserve signaled it remained on track to raise interest rates this year, though the timing remains uncertain.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.11% to trade at $1,285.80 a troy ounce in Asia, while silver futures eased 0.56% to $17.987 a troy ounce.Gold edged lower in quiet trade on Wednesday as the Federal Reserve said the U.S. economy was expanding “at a solid pace” as it largely looked through weakness overseas in a signal that it remains on track to raise interest rates later this year.The U.S. central bank repeated it would be “patient” in deciding when to raise benchmark borrowing costs from zero, where they have been stuck since late-2008.

TRADING STRATEGY :
BUY GOLD ABOVE 1286 TARGET 1291 1297 SL 1280
SELL GOLD BELOW 1271 TARGET 1266 1260 SL 1277

S&P Market News Update : Epic Research Malaysia

U.S. stocks ended Wednesday’s choppy trading session sharply lower after the Federal Reserve’s policy-making committee reiterated it plans to remain patient and watch the data as it decides when to raise interest rates.

The S&P 500 SPX, -1.35% closed 27.39 points, or 1.4%, lower at 2,002.23, with all 10 main sectors finishing in the red. The energy sector fell 3.9%, as oil fell to lowest levels since March 2009.