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Daily Comex Commodity Report of 24 January 2018 by Epic Research



INTERNATIONAL COMMODITY NEWS

Gold prices remained higher on Tuesday, as sentiment on the U.S. dollar remained fragile even after the U.S. government shutdown ended. Comex gold futures were up 0.33% at $1,336.40 a troy ounce by 08:30 a.m. ET (12:30 GMT). The dollar only mildly recovered after Congress approved a measure on Monday to fund the government for around three weeks and President Donald Trump signed the bill, ending the three-day government shutdown. 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 steady at 90.19, still close to Friday's three-year low of 89.96.

Crude oil prices continued to rise on Tuesday, after the International Monetary Fund upwardly revised its growth outlook and as recent comments from Saudi Arabia continued to lend support to the commodity. The U.S. West Texas Intermediate crude March contract was down 57 cents or about 0.93% at $64.14 a barrel by 10:00 a.m. ET (14:00 GMT), the highest since January 18. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London gained 64 cents or about 0.96% at $69.69 a barrel, the highest since January 16. The IMF on Monday revised its forecast for world economic growth o 3.9% for both 2018 and 2019, a 0.2% increase from its last update in October. Oil prices were already supported 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.

Natural gas futures continued higher for the second day in a row on Tuesday, reaching their strongest level in around eight months as forecasts for frigid temperatures across the U.S. east coast during early February boosted demand expectations. Front-month U.S. natural gas futures surged 9.3 cents, or around 2.9%, to $3.317 per million British thermal units (btu) by 8:20AM ET (1320GMT), after touching its best level since May 25 at $3.334 at one point. U.S. gas futures rose about 1.2% on Monday amid forecasts for more heating demand through early February. Mild conditions will dominate the southern and eastern U.S. through Feb. 3rd, then become much colder as frigid Arctic air pours into the region, according to updated weather models. Temperatures throughout the central U.S. and Midwest will also fall to below seasonal levels through Feb. 6 as Arctic blasts sweep through.

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 24 January 2018 by Epic Research
Submitted on: January 24, 2018 04:18:54 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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