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Daily Comex Commodity Report of 23nd January 2018 by Epic Research


Gold prices pared losses and held steady on Monday, as traders continued to evaluate the consequences of the U.S. government shutdown on Friday. Comex gold futures were little changed at $1,332.90 a troy ounce by 08:35 a.m. ET (12:35 GMT). The U.S. government shutdown entered a third day after the Senate failed to reach a dealSunday night to fund government operations. But the Senate plans to vote at 12:00 p.m. ET Monday (17:00 GMT) on a temporary spending measure that will keep the government open through February 8. Lawmakers have been trying to reach a deal on immigration, which is viewed as crucial to breaking the deadlock. This is the first U.S. government shutdown since 2013. That year, the government was shut down for 16 days. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.22% at 90.29, not far from Friday's three-year low of 89.96.

Crude oil prices edged lower on Monday, despite support from recent comments by Saudi officials, as traders were still assessing U.S. production levels. The U.S. West Texas Intermediate crude March contract was down 9 cents or about 0.14% at $63.22 a barrel by 10:00 a.m. ET (14:00 GMT). Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London lost 8 cents or about 0.12% at $68.53 a barrel. Prices found support after Saudi Energy Minister Khalid al-Falih said on Sunday that OPEC and non-OPEC oil producers have a consensus that they should continue cooperating on production after the end of 2018, when their current agreement on production cuts expires. Falih added that this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers.

Natural gas futures edged higher to start the week on Monday, as market players monitored winter weather forecasts to gauge demand for the fuel. A weather system will track across the Midwest with areas of rain and snow through Jan. 27, but with only modest cooling, according to updated weather models. Meanwhile, in the East, conditions will be warm with highs of 40s and 50s over the Great Lakes and Northeast, with 60s and 70s over the South and Southeast. Looking further ahead, temperatures will fall to below seasonal levels across the East coast through the end of this months and into the first week of February. Natural gas prices typically rise during the winter months as colder weather sparks indoor-heating demand. The heating season from November through March is the peak demand period for U.S. gas consumption.


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 23nd January 2018 by Epic Research
Submitted on: January 23, 2018 04:12:52 AM
Submitted by: EpicResearch
On behalf of: