Return to: Finance News

Daily Comex Commodity Report of 31 January 2018 by Epic Research



INTERNATIONAL COMMODITY NEWS

Gold prices eased off a one-week low on Tuesday, as sentiment on the U.S. dollar became more vulnerable ahead of the State of the Union speech due later in the day and the Federal Reserve's monthly policy decision on Wednesday. Comex gold futures were up 0.22% at $1,343.30 a troy ounce by 08:25 a.m. ET (12:25 GMT), off one-week lows of $1,332.80 hit earlier in the session. Investors remained cautious as U.S. President Donald Trump was set speak to Congress in his first official State of the Union address later Tuesday. Comments from the White House recently weighed on the greenback, especially after U.S. Treasury Secretary Steven Mnuchin said that a weaker dollar was positive for American trade. However, President Trump contradicted Mnuchin's position by defending the need for a strong currency. Traders fear the U.S. administration may use currency policy as a tool to get better trade deals with other countries.

Natural gas futures rallied sharply on Tuesday, bouncing well off the prior session's lows, on bets of cold weather to come in February, which should boost demand for the heating fuel. Front-month U.S. natural gas futures jumped 8.0 cents, or around 2.5%, to $3.245 per million British thermal units (btu) by 8:30AM ET (1330GMT). The commodity sank to as low as $3.038 on Monday as traders reacted to updated weather forecasting models which called for milder weather. But fresh models released overnight show a wide swath of below-average temperatures encompassing the bulk of the central and eastern US through both the upcoming six- to 10-day and eight- to 14-day periods. Natural gas prices typically rise during the winter months as colder weather sparks indoor-heating demand.

Crude oil prices continued to decline on Tuesday, despite overall optimism over the rebalancing of the market as traders turned their attention to this week's U.S. crude oil inventories data. The U.S. West Texas Intermediate crude March contract was down $1.28 or about 1.95% at $64.28 a barrel by 04:00 a.m. ET (08:00 GMT), the lowest since January 23. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London lost 84 cents or about 1.18% at $68.37 a barrel, the lowest since January 19. Oil prices have been pressured lower in recent sessions, as traders continue to gauge increasing U.S. crude production against OPEC's ongoing efforts to drain the market of excess supplies. Analysts and traders have warned that U.S. shale oil producers could ramp up production as they look to take advantage of higher prices, potentially derailing OPEC's effort to curb excess supply.

TRADING STRATEGY :

BUY GOLD ABOVE 1350 TGT 1355 1365 SL BELOW 1340
SELL GOLD BELOW 1335 TGT 1330 1320 SL ABOVE 1345

Epic Research Limited is a leading financial advisory services provider firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock tips, commodity tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.

Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.

http://www.epicresearch.co/
or

mail us @ info@epicresearch.co

Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 452 ...

News Release: Daily Comex Commodity Report of 31 January 2018 by Epic Research
Submitted on: January 31, 2018 04:19:35 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
advertisement