Daily Comex Report of 19 April 2018 by Epic Research

International Commodity News

Gold prices moved higher on Wednesday, as the dollar saw little movement and investors looked ahead to references from the Federal Reserve. Comex gold futures gained $6.40, or around 0.5%, at $1,355.90 a troy ounce by 10:32AM ET (14:32GMT), while the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.04% to 89.18. There was no clear catalyst for Wednesday’s gains as a light economic calendar left investors eyeing corporate earnings. The only major economic data will come with the publication of the Fed’s Beige Book at 2:00PM ET (18:00GMT). The report provides information on economic conditions from around the central bank’s 12 districts. Among remarks from the U.S. central bank on Wednesday, Dallas Fed chief Robert Kaplan told Fox Business that he expected growth to moderate starting next year and in 2020.

West Texas Intermediate oil extended gains in North American trade on Wednesday, as data showed that oil supplies in the U.S. fell more than expected. Crude oil for June delivery on the New York Mercantile Exchange surged 1.69 cents or 2.54% to trade at $68.21 a barrel by 10:32 AM ET (2:32GMT) compared to $67.72 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.071 million barrels in the week ended April 13. Market analysts' had expected a crude-stock decline of 500,000 barrels, while the American Petroleum Institute late Tuesday reported a decline of 1.047 million. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 1.115 million barrels last week, the EIA said.

Oil prices are likely to remain near a 3 1/2 year high as Mideast tensions and geopolitical risk remain high, as traders focusing on Iran as much as Syria. The immediate question is how Russia and Iran respond to the U.S.-led air strikes on Syria, following a week of political jockeying that sent pries up 16% from their February low. Traders, however, are also looking for signs as to whether the U.S. will abandon a deal with Iran, which removed international sanctions on the sale of oil in exchange for Tehran cutting back its nuclear program President Trump has until May 12 to renew or suspend sanction waivers under the deal the U.S and Iran signed in 2015. A decision not to renew the deal would reduce exports from Iran, one of the world's biggest oil producers. The big questions for the oil markets are just how much and how fellow OPEC members respond.

Trading Strategy:

BUY GOLD ABOVE 1357 TGT 1362 1372 SL BELOW 1347
SELL GOLD BELOW 1344 TGT 1339 1329 SL ABOVE 1354

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