Alibaba Market News Update

Alibaba Group Holding Ltd. BABA, +3.20%  Chairman Jack Ma said he wants Alipay to go public in China. He made the comments right before the e-commerce giant announced that sales through its website on Nov. 11 beat last year’s record by nearly 60%.

The Alibaba e-shopping website Tmall saw sales total 57.1 billion yuan ($9.3 billion) on Nov. 11, compared with last year’s record of 36.2 billion yuan.

Nov. 11 is an informal holiday for singles in China — 11/11 being full of those lonely numbers — and in 2009, Alibaba co-opted the day for promotional purposes. It offers shoppers big discounts, much like Cyber Monday in other countries, and many other e-retailers have followed suit.

KLSE IForex Recommendations

TRADING TIPS :

EUR/USD hit 1.2394 during European morning trade, the session low; the pair subsequently consolidated at 1.2451, shedding 0.20%. The pair was likely to find support at 1.2357, the low of November 7 and a 26-month low and resistance at 1.2568, the high of November 5.In a report, Eurostat said industrial production in the euro zone increased by 0.6% in September, below forecasts for a gain of 1.0%. Industrial production in August fell by 1.4%. Year-on-year, industrial production inched up 0.6% in September from a year earlier, compared to expectations for a 0.2% decline and after dropping at a rate of 0.5% in the preceding month.Meanwhile, demand for the dollar continued to be underpinned by expectations that the recovery in the U.S. will outstrip other major economies


INTRADAY OUTLOOK
Support: 1.2440
Resistance: 1.2502

RECOMMENDATION:
1. Buy EUR/USD Above 1.2504-TG:1.2524/1.2454 SL 1.2474
2. Sell EUR/USD Below 1.2438-TG:1.2418/1.2388 SL 1.2468

INTRADAY OUTLOOK
Immediate Support: 115.02
Immediate Resistance: 115.56

RECOMMENDATION:
1. Buy USD/JPY Above 115.58-TG:115.78/116.08 SL 115.28
2. Sell USD/JPY Below 115.00-TG:114.80/114.50 SL 115.30

KLSE GOLD Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices moved lower on Wednesday in a quiet trading session void of major U.S. economic indicators, pressured downward by a firmer dollar. Gold and the dollar tend to trade inversely with one another. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.40% at $1,158.40, up from a session low of $1,156.70 and off a high of $1,169.40. The December contract settled up 0.28% at $1,163.00 on Tuesday.


TRADING STRATEGY :
BUY GOLD ABOVE 1165 TGT 1169,1175 SL 1160
SELL GOLD BELOW 1158 TGT 1154,1149 SL 1163

Pound falls to 14-month low against dollar

The pound fell to its lowest level against the dollar in 14 months Wednesday, pushed lower by the Bank of England’s decision to revise inflation projections downward. That in turn pushed investors’ expectations of an interest rate increase further into the future.

The pound GBPUSD, -0.03%  hit $1.5776 in afternoon trading, its lowest level since Sept. 11, 2013. It traded at $1.5914 late Tuesday.

The dollar traded flat against the euro and yen as investors awaited the release of important U.S. economic data later in the week. The euro EURUSD, +0.07%   traded at $1.2438, compared to $1.2466 Tuesday.

The dollar traded at 115.56 yen USDJPY, +0.25% compared to ¥115.72 Tuesday.

The ICE U.S. Dollar Index DXY, -0.03%  , a measure of the greenback’s strength against a basket of six currencies, was up 0.3% on the day to 87.8010.

Platinum and Palladium Market Update

January platinum PLF5, -0.25%  lost $1.40 to $1,205.30 an ounce.

December palladium PAZ4, -0.08%  rose 95 cents to $773.65 an ounce. High-grade copper for December delivery HGZ4, +0.12%  edged down a penny to $3.03 a pound.