Oil suffers a loss as natural gas jumps 5.2% on week

 Crude-oil futures on Friday suffered from their first weekly loss in a month as U.S. supplies continue to mount, but natural-gas prices rallied as much of the U.S. experienced below-normal temperatures.

Oil for March delivery CLH5, -2.44%  gave up 82 cents, or 1.6%, to settle at $50.34 barrel on the New York Mercantile Exchange. That was the lowest settlement price since Feb. 11.

Gold boosted by Greek anxiety, but still set for weekly drop

Gold futures rose Friday, lifted by anxiety over Greece’s debt standoff with its eurozone partners, but the yellow metal remained on track for a fourth consecutive weekly decline.

Gold for April delivery GCJ5, -0.36%  rose $5.10, or 0.4%, to $1,212.70 an ounce on Comex. March silver SIH5, -0.89%  advanced nearly 6 cents, or 0.4%, to $16.44 an ounce.

KLSE IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.5466 during European morning trade, the session high; the pair subsequently consolidated at 1.5448.Sentiment on the dollar remained vulnerable after the minutes of the Fed’s January meeting showed that policymakers expressed concern that raising interest rates too soon could dampen the U.S. economic recovery. The pound had strengthened on Wednesday after data showed that the U.K. unemployment rate fell to a six-year low 5.7% in the three months to December from 5.8% in the preceding three month-period and better than expectations for a reading of 5.8%.The report also showed that the claimant count fell by 38,600 last month, compared to expectations for a decline of 25,000.Meanwhile, investors continued to focus on developments in Greece, as Athens was expected to submit a request for an extension of its existing loan agreement with the euro zone, which differentiates from its bailout, later Thursday.

INTRADAY OUTLOOK

Support: 1.5401

Resistance: 1.5478

RECOMMENDATION:

1. Buy GBP/USD Above 1.5480-TG: 1.5500/1.5530 SL 1.5450

2. Sell GBP/USD Below 1.5399-TG: 1.5379/1.5349 SL 1.5429

INTRADAY OUTLOOK

Immediate Support: 1.1342

Immediate Resistance: 1.1448

RECOMMENDATION:

1. Buy EUR/USD Above -1.1450 TG: 1.1470/1.1500 SL 1.1420

2. Sell EUR/USD Below -1.1340 TG:1.1320/1.1290 SL 1.1370 

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold remained in positive territory on Thursday, as concerns over Greece’s debt woes intensified after Germany rejected a proposed bailout extension request from the Athens. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rallied $15.20, or 1.27%, to trade at $1,215.40 a troy ounce during U.S. morning hours after hitting a session high of $1,222.90. A day earlier, gold fell to $1,197.20, the lowest level since January 5, before settling at $1,200.20, down $8.40, or 0.7%. The Greek government submitted a request for an extension of its existing loan agreement with the euro zone, which it differentiates from its bailout, earlier Thursday. But German Finance Minister Wolfgang Schaeuble said it was “not a substantial proposal for a solution” and did not meet the criteria agreed on at the euro group meeting of euro zone finance ministers on Monday. Greece’s current €240 billion bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone.

TRADING STRATEGY :
BUY GOLD ABOVE 1210 TARGET 1218 SL 1202

SELL GOLD BELOW 1202 TARGET 1195 SL 1210

Dollar bides its time as meeting on Greek bailout looms

The dollar was almost unchanged against the yen and the euro in quiet Asia trade Friday, with market participants taking a wait-and-see stance ahead of crucial events such as the eurozone finance ministers’ meeting on the Greek bailout.

The dollar USDJPY, -0.05%  recently traded at ¥118.91 from ¥118.97 late Thursday in New York.

The euro EURUSD, -0.04%  was at $1.1364 from $1.1361 and was at ¥135.12 from ¥135.15.

The WSJ Dollar Index BUXX, -0.03%  , a measure of the dollar against a basket of major currencies, was down 0.03% at 85.43.