Daily Comex Report of 11 April 2018 by Epic Research

International Commodity News

Gold was higher on Tuesday, driven by a weaker U.S. dollar and geopolitical tensions in Syria. The price of the precious metal rose as the greenback reached a two-week low. TheU.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.25% to 89.31 as of 10:52 AM ET (14:52 GMT). Comex gold futures for June delivery rose 0.21% to $1,342.90 a troy ounce. Gold is denominated in the U.S. currency and becomes more expensive for holders of other currencies when the dollar rises. Geopolitical tensions in the Middle East have also bolstered bullion.Investors are worried that U.S.-Russia relations could deteriorate amid the heightened uncertainty after a suspected chemical attacks. On Monday U.S. President Donald Trump said he would decide how to respond to the attacks by Wednesday, indicating a potential military response. Investors seek out gold as a store of value during times of geopolitical uncertainty or market turmoil, while a weaker dollar makes the dollar-denominated metal cheaper for holders of other currencies.

Crude prices rallied for the second day in a row on Tuesday, as appetite for riskier assets improved after a speech by Chinese President Xi Jinping eased concerns about a trade conflict between the United States and China and investors looked forward to data on U.S. crude inventories and OPEC production levels. Speaking at the Boao Forum for Asia, Xi said that China would lower import tariffs on vehicles, encourage imports and strengthen the protection of intellectual property. The remarks helped soothe investor jitters over the ongoing tit-for-tat tariff dispute between the U.S. and China, which investors had feared might escalate into a full-blown trade war between the world's two largest economies. New Yorktraded West Texas Intermediate crude futures jumped $1.56, or about 2.5%, to $65.02 a barrel by 11:04AM ET (15:04GMT).

Natural gas futures declined on Tuesday, extending losses from the previous session amid speculation the start of spring will bring warmer temperatures throughout the U.S. and cut into demand for the fuel. Spring usually sees the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning. Front-month natural gas futures sank 4.1 cents, or around 1.5%, to $2.652 per million British thermal units (btu) by 9:15AM ET (1315GMT). The commodity ended lower on Monday, after weather forecasts showed that temperatures won't be as cold as previously expected. Market experts warned that futures are likely to remain vulnerable in the near-term as belownormal temperatures in April mean less than they do in January and February.

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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