Daily Comex Commodity Report of 19 July 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices extended overnight gains in North American trade on Tuesday, as the dollar tanked after a second attempt by Republicans to replace Obamacare failed, delivering a major policy blow to the Trump administration. Comex gold futures were at $1,240.46 a troy ounce by 9:35AM ET (1335GMT), up $6.70, or around 0.6%, after touching its highest since July 3 at $1,241.92 earlier in the session. Prices settled higher for a second-straight session on Monday on bets that lackluster U.S. data will keep the Federal Reserve cautious about the future pace of policy tightening. The dollar took a hit after Republican Senators Jerry Moran and Mike Lee announced their opposition to a revised Republican healthcare bill late on Monday. Investors were now more doubtful over the future of the Trump administration's planned tax reforms, given the difficulty the healthcare bill has faced in making progress. The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, touched its lowest since August last year at 94.28. Fading expectations for another rate hike by the Federal Reserve this year further weighed on the greenback.

• Oil prices were sharply higher in North American trade on Tuesday, as news that Libya will attend a meeting of OPEC and non-OPEC producers in Russia later this month provided support. The U.S. West Texas Intermediate crude August contract was at $46.74 a barrel by 8:55AM ET (1255GMT), up 72 cents, or around 1.6%. It touched its highest since July 5 at $47.14 earlier. Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London tacked on 77 cents, or about 1.6%, to $49.18 a barrel, after touching a twoweek peak of $49.41. Oil prices finished with a loss on Monday, their first in six sessions, as concerns over rising global supplies remained on investors' minds. The head of Libya's National Oil Corporation (NOC) said on Tuesday he would lead a Libyan delegation to a meeting of global crude producers in St Petersburg, Russia on July 22 to share his country's production plans.

• U.S. natural gas futures rallied to the highest level in more than two-weeks on Tuesday, as updated weather forecasting models continued to point to increased summer demand in the coming weeks. U.S. natural gas for August delivery was at $3.091 per million British thermal units by 9:15AM ET (1315GMT), up 7.1 cents, or around 2.4%, after touching $3.094 earlier in the session, a level not seen since June 30. Prices notched their second straight session of gains on Monday amid bullish weather forecasts. Hot high pressure over the western, central, and southern U.S. will strengthen and expand as the week progresses, eventually dominating almost the entire country besides the far northern U.S. with highs of upper 80s to 100s for strong national demand. Longer-term models showed the western, central and southern U.S. will be hot with highs of upper 80s to 100s through August 1, due to strong high pressure.

TRADING STRATEGY :

BUY GOLD ABOVE 1250 TGT 1255 1265 SL BELOW 1240
SELL GOLD BELOW 1230 TGT 1225 1215 SL ABOVE 1240

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