Oil Market Update : Epic Research Malaysia

Oil futures ended with small gains Thursday, but only after the U.S. benchmark sank below the $44-a-barrel level for the first time in nearly six years in a trading environment shadowed by a rapidly growing glut of crude.

Light, sweet crude for March delivery CLH5, +0.29% on the New York Mercantile Exchange rose 8 cents, or 0.2%, to close at $44.53 a barrel. It was a choppy trading session, with the contract earlier dipping as low as $43.58, its lowest level since March 2009. The price action follows a 3.9% slide from Wednesday, which was triggered by bearish inventory data.

ICE Brent crude, the global oil benchmark, gained ground, with the March contract LCOH5, -0.14% rising 66 cents, or 1.4%, to settle at $49.13 a barrel.

Comex Market Update : Epic Research Malaysia

In other metals, platinum for April delivery PLJ5, +0.68% tumbled $41.20, or 3.3%, to $1,217.30 an ounce, while palladium for March delivery PAH5, +0.86% lost $24.70 to $771.60 an ounce.



High-grade copper for March delivery HGH5, -0.43% fell 3 cents, or 1.1%, to $2.45 a pound.

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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