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Daily Comex Commodity Report of 24 July 2017 by Epic Research

07-26-2017 01:26 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Epic Research

INTERNATIONAL COMMODITY NEWS

• Crude futures settled lower on Friday, as sentiment on oil soured after data indicating that Opec’s supply was set to rise compared to June reduced investor confidence in Opec’s ability to curb production. On the New York Mercantile Exchange crude futures for July delivery fell 2.5% to settle at $45.77 a barrel, while on London's Intercontinental Exchange, Brent dropped 2.76% to trade at $47.94 a barrel. Opec's July oil supply was set to rise by 145,000 barrels per day (bpd) compared to June, Reuters reported citing data from PetroLogistics, a company that tracks Opec supply forecasts. The increase in oil supply would push production above 33 million barrels per day, and further reduce Opec’s compliance rate - with the deal curb production – which fell to 78% to June. Higher supply from Saudi Arabia, the United Arab Emirates (UAE) and Nigeria would drive this month's gains, according to PetroLogistics.

• Gold prices edged higher on Friday, buoyed by a second day of heavy selling in the dollar amid renewed political uncertainty in Washington on reports that special counsel Robert Mueller will expand his investigation to include President Trump’s private business dealings. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $8.46, or 0.68%, to $1,254.06 a troy ounce. Several news agencies reported that U.S. President Donald Trump’s private business is set to come under scrutiny as special counsel Robert Mueller will expand investigations into allegations that Russia influenced the 2016 U.S. presidential election. The political uncertainty in Washington pegged the greenback to its lowest level in more than a year against its rivals, boosting gold prices to session highs, as the precious metal seeks to notch its biggest weekly gain in two months. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A dip in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand.

• The United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Friday he hopes that global supplies will start tightening in the second half of the year when demand picks up. "We have seen healthy demand and a flattening of rig counts in the United States," Mazroui told reporters. "This is the beginning of the third quarter and demand picks up in the third quarter and I hope the agreement will have a significant impact in the third and fourth quarter." Brent crude oil prices remain just under the key $50 per barrel mark on concerns about high supplies from the Organization of the Petroleum Exporting Countries (OPEC) despite a pledge to cut output in a bid to tighten the market. OPEC, together with some non-members like Russia, has extended a deal to cut production by 1.8 million barrels per day (bpd) to March 2018.

TRADING STRATEGY :

BUY GOLD ABOVE 1260 TGT 1265 1275 SL BELOW 1250
SELL GOLD BELOW 1240 TGT 1235 1225 SL ABOVE 1250

Epic Research Limited is a leading financial advisory services provider firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.

Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.

http://www.epicresearch.co/

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Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 452001.

Epic Research Limited is a leading financial advisory services provider firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.

411 Milinda Manor (Suites 409 - 425) 2 RNT Marg

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