Daily Comex Commodity Report of 15 June 2017 by Epic Research

Gold prices rose to the highest levels of the session in North American morning trade on Wednesday, as lackluster U.S. data on inflation and retail sales saw investors temper expectations for more rate hikes by the Federal Reserve.

INTERNATIONAL COMMODITY NEWS

• Gold prices rose to the highest levels of the session in North American morning trade on Wednesday, as lackluster U.S. data on inflation and retail sales saw investors temper expectations for more rate hikes by the Federal Reserve. Comex gold futures were at $1,275.21 a troy ounce by 8:45AM ET (1245GMT), up $7.20, or around 0.6%. Meanwhile, spot gold was at $1,273.49. Gold prices notched a fifthstraight decline on Tuesday after falling to its lowest since May 26 at $1,260.50. Also on the Comex, silver futures tacked on 26.1 cents, or about 1.6%, to $17.02 a troy ounce. U.S. consumer prices fell by 0.1% last month, disappointing forecasts for an increase of 0.1%, the Commerce Department said Wednesday. Year-over-year, consumer prices were 1.9% igher from the same month a year earlier, missing expectations for a gain of 2.0%. Consumer prices, excluding food and energy costs, inched up 0.1%, below forecasts for 0.2%. On an annualized rate, core CPI increased 1.7% last month, slowing from 1.9% in April.

• Oil prices sank to the lowest levels of the session in North American trading on Wednesday, extending overnight losses after data showed that U.S. crude supplies fell less than forecast last week, underlining worries over a global supply glut. The U.S. West Texas Intermediate crude July contract was at $45.76 a barrel by 10:35AM ET (1435GMT), down 70 cents, or around 1.5%. Prices were at around $46.30 prior to the release of the inventory data. Elsewhere, Brent oil for August delivery on the ICE Futures Exchange in London shed 70 cents to $48.02 a barrel. Oil prices tallied a gain for a third-straight session Tuesday. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.7 million barrels in the week ended June 9. Market analysts' expected a crude-stock decline of around 2.8 million barrels, while the American Petroleum Institute late Tuesday reported a supply-gain of about 2.7 million barrels.

• U.S. natural gas futures fell to the lowest level since March on Tuesday, as forecasts for below-normal temperatures across most parts of the U.S. over the next two weeks weighed. U.S. natural gas for July delivery was at $2.939 per million British thermal units by 9:35AM ET (1335GMT), down 2.8 cents, or around 1%. It fell to its lowest since March 20 at $2.916 earlier. Prices of the fuel notched a secondstraight decline on Tuesday. Updated weather forecasting models showed that cooling will fan out across the northern and east central U.S. this weekend into early next week. Looking further out, the east-central U.S., including the Northeast will be near to slightly cooler than normal from June 20-27, as weather systems track through. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand.

EPIC DAILY TOP PICKS.

TRADING STRATEGY :

BUY GOLD ABOVE 1280 TGT 1285 1295 SL BELOW 1270
SELL GOLD BELOW 1270 TGT 1265 1255 SL ABOVE 1280

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