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Daily Comex Commodity Report of 10th November 2017 by Epic Research



INTERNATIONAL COMMODITY NEWS

Gold prices held steady near three-week highs on Thursday, as uncertainty over a major U.S. tax reform bill continued to weigh on the dollar, while geopolitical tensions lingered. Comex gold futures were steady at $1,284.22 a troy ounce by 04:30 a.m. ET (08:30 GMT), just off the previous session's nearly three-week highs of $1,287.52. Sentiment on the greenback was vulnerable as a U.S. Senate tax-cut bill, which differs from one in the House of Representatives, was set to be unveiled later Thursday. The Washington Post reported on Tuesday that Senate Republican leaders were thinking of postponing the implementation of major corporate tax cuts to comply with Senate rules. Traders are concerned over any potential delays in the implementation of the tax cuts or the possibility that proposed reforms end up being less drastic than hoped for.

Crude oil gained in Asia on Thursday, rebounding from disappointing overnight U.S. inventory data and supported by continued expectations of a supply and demand rebalance. On the New York Mercantile Exchange crude futures for December delivery rose by 0.19% to $56.92 a barrel, while on London\'s Intercontinental Exchange, Brent gained 0.28% to $63.67 a barrel. Overnight, crude oil prices settled lower on Wednesday after data showed crude supplies rose while production jumped to a record all-time high last week offsetting a larger-than-expected draw in refineries. Crude oil settled lower for the second day in row as concerns over a surge in US production weighed on upside while a mixed report from the Energy Information Administration (EIA) showing crude stockpiles rose while gasoline and distillate supplies fell weighed on sentiment.

A growing number of investors are plowing money into commodities, seeking to diversify their holdings on gnawing concerns about a stock market correction as equities scale new highs almost daily. Low interest rates, solid economic growth across the globe and rising corporate earnings have hoisted the S&P 500 (SPX) 16 percent this year. It reached an alltime high on Tuesday. By contrast the bellwether S&P Goldman Sachs (NYSE:GS) Commodity Index (GSCI) gained 7 percent in that same period. The last five years presents an even starker divergence. The S&P has gained 82 percent in that time, while the GSCI has dropped by 34 percent. That may start to shift, portfolio managers and investment advisors say.

TRADING STRATEGY :

BUY GOLD ABOVE 1290 TGT 1300 1320 SL BELOW 1270
SELL GOLD BELOW 1280 TGT 1270 1250 SL ABOVE 1300

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News Release: Daily Comex Commodity Report of 10th November 2017 by Epic Research
Submitted on: November 10, 2017 05:21:41 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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