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Daily Comex Commodity Report of 18th January 2018 by Epic Research



INTERNATIONAL COMMODITY NEWS

Gold prices remained moderately lower on Wednesday, as the U.S. dollar staged a modest rebound from a three-year trough, but the precious metal's losses were expected to remain limited. Comex gold futures were down 0.10% at $1,335.80 a troy ounce by 08:20 a.m. ET (12:20GMT), just off Tyuesday's fresh four-month peak of $1,345.00. The dollar slightly recovered on Wednesday, although the risk of a potential U.S. government shutdown was expected to limit gains. Fresh political tensions emerged in Washington after comments by President Donald Trump on immigration dampened the prospects that a broad spending and immigration deal can be reached by the end of the week, raising the possibility of a government shutdown. The greenback 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.

Crude oil prices remained under pressure on Wednesday, although they were still hovering within close distance of recent multi-year highs, as investors remained cautious ahead of the weekly U.S. supply report due on Thursday. The U.S. West Texas Intermediate crude February contract was down 15 cents or about 0.27% at $63.56 a barrel by 10:00 a.m. ET (14:00 GMT), close to the previous session's three-year peak of $64.89. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London lost 21 cents or about 0.30% to $68.93 a barrel, not far from Monday's three-year peak of $70.37. The American Petroleum Institute was set to release its weekly report at 4:30 p.m. ET (21:30 GMT). Official data from the Energy Information Administration will be released Thursday, amid forecasts for an oil-stock drop of around 3.6 million barrels, which would mark the ninth-straight fall.

Natural gas futures bounced back on Wednesday, re-approaching their highest level in around two months as investors speculated this week’s supply report will show another hefty drop as cold weather boosts demand. Front-month U.S. natural gas futures rose 3.7 cents, or around 1.2%, to $3.164 per million British thermal units (btu) by 10:10AM ET (1510GMT). It touched its best level since Nov. 15 at $3.224 last Friday. U.S. gas futures lost 2.2% on Tuesday as updated weather forecasts showed a return to seasonal temperatures after an extreme cold spell in the eastern U.S. Below freezing temperatures will continue to linger across most parts of the Northeast through Jan. 20, with light snow expected throughout the region.

TRADING STRATEGY :

BUY GOLD ABOVE 1340 TGT 1345 1355 SL BELOW 1330
SELL GOLD BELOW 1330 TGT 1325 1315 SL ABOVE 1340

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News Release: Daily Comex Commodity Report of 18th January 2018 by Epic Research
Submitted on: January 18, 2018 04:25:08 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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