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Don’t expect to see much of a climb in gold prices this year, but a spike to $1,700 an ounce or more could come as early as the summer of 2016.
Gold futures prices on Comex closed at $1,210.10 an ounce on Thursday, with the metal stuck in a range of just over $114 an ounce year to date, based on the most-active contracts.
TRADING TIPS :
GBP/USD hit 1.5552 during European morning trade, the pair’s highest since January 2; the pair subsequently consolidated at 1.5531.In a report, the Office for National Statistics said the U.K. gross domestic product expanded by 0.5% in the final three months of 2014, unchanged from an initial estimate and in line with expectations. The U.K.’s economy grew by 0.7% in the previous quarter.Year-over-year, U.K. economic growth grew 2.7% in the three months to December, unchanged from a preliminary reading. The U.K. economy expanded at an annualized rate of 2.6% in the third quarter of 2014.The report also showed that total U.K. business investment fell 1.4% in the last quarter, disappointing forecasts for a 1.9% gain and following a 1.2% decline in the third quarter of 2014.
INTRADAY OUTLOOK
Support: 1.5492
Resistance: 1.5573
RECOMMENDATION:
1. Buy GBP/USD Above 1.5575-TG: 1.5595/1.5625 SL 1.5545
2. Sell GBP/USD Below 1.5490-TG: 1.5470/1.5440 SL 1.5520
INTRADAY OUTLOOK
Support: 1.1317
Resistance: 1.1396
RECOMMENDATION:
1. Buy EUR/USD Above 1.1398-TG: 1.1418/1.1448 SL 1.1368
2. Sell EUR/USD Below 1.1315-TG: 1.1295/1.1265 SL 1.1345
MARKET UPDATES :
The FBM KLCI index gained 5.01 points or 0.28% on Thursday. The Finance Index increased 0.39% to 15911.36 points, the Properties Index up 0.59% to 1338.91 points and the Plantation Index rose 0.48% to 8085.08 points. The market traded within a range of 8.77 points between an intra-day high of 1821.67 and a low of 1812.90 during the ses-sion.
STOCK RECOMMENDATION :
BUY ONLY WORLD AT 1.725 – 1.730 TARGET 1.775 1.825 SL 1.675
INTERNATIONAL COMMODITY NEWS :
Gold and copper prices were mostly steady on Friday in Asia after Japan reported solid industrial output, but downbeat data on jobs, inflation and retail sales National core CPI in Japan rose 2.2%, below the 2.3% year-on-year for January expected. The unemployment rate in January ticked up to 3.6%, compared to an expected steady rate of 3.4%. Household spending fell 5.1% in January year-on-year. Industrial production month-on-month jumped 4.0%, well above an expected gain of 2.7% and retail sales fell 2.0%, compared to a forecast of down 1.3% year-on-year.
TRADING STRATEGY :
BUY GOLD ABOVE 1211.75 TARGET 1216.75 1222.75 SL 1205.75
SELL GOLD BELOW 1205.5 TARGET 1200.5 1194.5 SL 1211.5
Small-cap companies outperformed large firms Thursday, as downbeat economic reports and selling pressure from the energy sector weighed on the benchmark S&P 500.
The S&P 500 SPX, -0.15% closed down 3.12 points, or 0.2% lower, at 2,110.74, while six of its 10 main sectors finished with losses. A 5.5% drop in oil prices prompted investors to dump energy companies.
