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Daily Comex Commodity Report of 17th January 2018 by Epic Research



INTERNATIONAL COMMODITY NEWS

Gold prices were little changed near four-month highs on Tuesday, as sentiment on the greenback remained vulnerable after the release of dowbeat manufacturing activity data from the New York region. Comex gold futures were steady at $1,334.80 a troy ounce by 08:40 a.m. ET (12:40GMT), just off Monday's four-month peak of $1,344.90. The precious metal briefly retreated earlier Tuesday, as the U.S. dollar staged a modest rebound, but gains were expected to remain limited after data showed that the Empire State manufacturing index fell to 17.70 in January from 19.60 the previous month, confouding expectations for a decline to only 18.00. The dollar has recently been pressured lower by concerns the global economic recovery will outpace U.S. growth and prompt other major central banks, led by the European Central Bank to begin unwinding loose monetary policy at a faster pace than expected.

Natural gas futures sank on Tuesday, pulling back sharply from two-month highs as updated weather forecasts showed a return to seasonal temperatures after an extreme cold spell in the eastern U.S. Front-month U.S. natural gas futures tumbled 13.7 cents, or around 4.3%, to $3.062 per million British thermal units (btu) by 8:10AM ET (1310GMT). It touched its best level since early Nov. 15 at $3.224 last Friday. U.S. gas futures did not settle on Monday due to the Martin Luther King Day holiday. 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.

After a non-stop rally, metals prices are starting to pull back. Copper, aluminum and nickel slid more than 2 percent on Tuesday as investors focused on the rebounding dollar and evidence of ample supply in the physical market. Precious metals also retreated, with silver falling as much as 3.2 percent. “We’ve had a significant rally across base metals, and it’s hard to justify a further move higher at these levels,” Warren Patterson, a commodities strategist at ING Groep(AS:INGA) NV, said by phone from Amsterdam. “There’s probably a fair bit of profit-taking going on.” Read: One Thing Missing From Copper Boom Is Buyers of Actual Metal Metals have been on a tear since May as enthusiasm over growth in China and demand from electric vehicles brought in new investors. The rally has been across base and precious metals, sending copper above $7,000 a metric ton for the first time in three years and palladium to a record.

TRADING STRATEGY :

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 17th January 2018 by Epic Research
Submitted on: January 17, 2018 04:31:24 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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