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Daily Comex Commodity Report of 16th January 2018 by Epic Research


Gold prices remained supported at four-month highs on Monday, as demand for the U.S. dollar continued to broadly weaken. There will be no floor trading on the Comex on Monday because of the Martin Luther King Day holiday in the U.S. All electronic transactions will be booked with Tuesday's trades for settlement. Comex gold futures were up 0.59% at $1,342.90 a troy ounce by 08:20 a.m. ET (12:20GMT), the highest since September. The dollar shrugged off data on Friday showing that underlying U.S. consumer prices recorded their largest increase in 11 months in December, adding to expectations that inflation will accelerate this year. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.50% at a three-year low of 90.17. Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency. Elsewhere on the Comex, silver futures jumped 1.28% to $17.36 a troy ounce.

Oil hovered below a three-year high near $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, but analysts warned of "red flags" due to surging U.S. production. International benchmark Brent crude futures (LCOc1) were trading 12 cents lower at $69.75 by 1330 GMT, having risen above $70 earlier in the session. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were unchanged at $64.30 a barrel. Trading was relatively slow due to a national holiday in the United States. A production-cutting pact between the Organization of the Petroleum Exporting Countries, Russia and other producers has given a strong tailwind to oil prices, with both benchmarks last week hitting levels not seen since December 2014.

Natural gas futures edged lower to start the week on Monday, pulling back from a two-month high as market players monitored winter weather forecasts to gauge demand for the fuel. Below freezing temperatures will continue to linger across most parts of the Northeast through Jan. 20, with light snow expected throughout the region. However, Northeast temperatures were expected to return to seasonal levels from Jan. 21-to-28, with mild conditions dominating during the period, according to updated weather forecasting models. Front-month U.S. natural gas futures shed 8.0 cents, or around 2.5%, to $3.120 per million British thermal units (btu) by 8:45AM ET (1345GMT). It touched its best level since early Nov. 15 at $3.224 in the last session. It soared nearly 15% last week, after data showed the largest withdrawal on record of U.S. supplies in storage as freezing temperatures boosted heating demand.


BUY GOLD ABOVE 1345 TGT 1350 1360 SL BELOW 1335
SELL GOLD BELOW 1330 TGT 1325 1315 SL ABOVE 1340

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News Release: Daily Comex Commodity Report of 16th January 2018 by Epic Research
Submitted on: January 16, 2018 04:17:18 AM
Submitted by: EpicResearch
On behalf of: