KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices rose in early Asian trade on Friday as markets head into year-end holidays and light data flows.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,196.50 a troy ounce, up 0.14%, after hitting an overnight session low of $1,187.10 and off a high of $1,213.80.Overnight, gold futures came off earlier highs but held steady on Thursday after the Federal Reserve will exercise patience raising interest rates.Gold prices have tumbled in recent months as markets prep for the Fed to raise interest rates, which is widely seen taking place in 2015, as higher borrowing costs chip away at the precious metal’s appeal as a hedge to weaker paper currencies, the product of loose monetary policy.


TRADING STRATEGY :

SELL GOLD BELOW 1192 TARGET 1187 1182 SL 1198
BUY GOLD ABOVE 1202 TARGET 1207 1213 SL 1196

Forex Market Update

The Swiss franc extended its losses against the dollar and the euro Thursday after the Swiss National Bank said it plans to lower its overnight interest rate to -0.25% in an effort to weaken the franc.

The dollar USDCHF, +0.10%  fetched as much 0.985 franc before retreating back to 0.98. It traded at 0.974 franc on Wednesday, according to FactSet data. Meanwhile.

The euro EURCHF, +0.07%  traded as high as 1.210 Swiss francs, up from 1.021 francs on Wednesday. It has since moved lower to trade at 1.204 francs.

The dollar traded lower against the ruble for a second consecutive session Thursday USDRUB, -1.45% continuing a broad correction in emerging-market currencies after two weeks of losses.

The euro EURUSD, -0.07% traded at $1.23 on Thursday compared with $1.235 on Wednesday.

The ICE U.S. Dollar Index DXY, +0.07% a measure of the greenback’s strength against a trade-weighted basket of six rivals, was up 0.10% at 89.2250.

U.S. stocks within striking distance of records after monster rally

A surging U.S. stock market rallied to its best two-day gains in three years Thursday.

The S&P 500 SPX, +2.40%  jumped 48.34 points, or 2.4%, to 2,061.23, it’s biggest one-day gain in nearly two years. It is also the first time since Aug 2002 that the benchmark index posted two consecutive days of gains greater than 2%, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

Gasoline Market Update

Gasoline for January delivery RBF5, +0.35%  lost 4 cents, or 2.5%, to end at $1.5272 a gallon on Nymex. That was gasoline’s lowest since May 1, 2009.

January heating oil HOF5, +0.19%  dropped 7 cents, or 3.5%, to $1.9387 a gallon on Nymex. That was heating oil’s lowest finish since Aug. 24, 2010.

January natural gas NGF15, +0.71%  lost 6 cents, or 1.6%, to settle at $3.6420 per million British thermal units.

Platinum Market Update

January platinum PLF5, +0.18%  lost $2.40, or 0.2%, to settle at $1,197.10 an ounce, while March palladium PAH5, +0.01%  gained $12.90, or 1.7%, to end at $792.15 an ounce. High-grade copper for March delivery HGH5, +0.09%  lost 2 cents, or 0.8%, to settle at $2.85 a pound.