Daily Comex Commodity Report of 4 July 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices fell to one-and-a-half month lows on Monday and were on track to post a third straight session of losses as a recovery in the dollar hit investor demand for the precious metal. Comex gold futures were at $1,234.67 a troy ounce by 06.58 AM ET (10.58 GMT), down $7.63, or around 0.62%. It was the lowest level since May 16. The dollar pulled away from nine-month lows against a basket of the other major currencies on Monday after slumping amid expectations that several global central banks are getting ready to join the Federal Reserve in tightening monetary policy. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.43% to 95.8. On Friday, the index fell to a nine-month trough of 95.22. In comments last week the heads of the European Central Bank, the Bank of England and the Bank of Canada adopted a more hawkish view on monetary policy.

• Iraqi oil minister Jabar al-Luaibi said on Monday he would wait for the outcome of OPEC's upcoming committee meeting before pronouncing on whether or not the group of producers needs to cut crude output more deeply or not. Al-Luaibi, who was asked if the Organization of the Petroleum Exporting Countries needed to deliver a more aggressive cut than the 1.8 million barrels per day it has agreed with 11 of its partners, was speaking at an event in London. "There is no action at the moment. It seems to be ok, in the right direction. I think prices will go up again, but let's see the outcome of the meeting," he told journalists. OPEC and allied non-OPEC producers agreed on May 25 to extend an existing supply cut into 2018, but oil has fallen sharply since then on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output. Oil ministers from five countries monitoring the deal plus Saudi Arabia as OPEC president are scheduled to meet in Russia on July 24. They could make a recommendation to the wider group, which holds its next meeting in November, on adjusting the pact.

• Elsewhere in precious metals trading, silver was little changed at $16.58 a troy ounce late Friday. Meanwhile, copper futures rose to a four-month high, rising 0.46% to $2.708 a pound, to end the month with gains of 5.33%. Platinum added 0.5% to trade at $927.7 late Friday and palladium fell 0.79% to $839.42 an ounce. In the week ahead, investors will be focusing on Wednesday’s minutes of the Fed’s latest meeting for fresh cues on the timing of the next U.S. rate hike. Friday’s U.S. jobs report for June will also be closely watched. Employment data from Canada will also be in the spotlight amid speculation that the BoC could raise interest rates as soon as this month. Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

TRADING STRATEGY :

BUY GOLD ABOVE 1230 TGT 1235 1245 SL BELOW 1220
SELL GOLD BELOW 1215 TGT 1210 1200 SL ABOVE 1225

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