Daily Comex Commodity Report of 28 July 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices rose to the highest level since mid-June in North American trade on Thursday, as a softening in the Federal Reserve's confidence on inflation added to expectations that policy tightening would be glacial at best. Comex gold futures were at $1,263.99 a troy ounce by 9:00AM ET (1300GMT), up $14.30, or about 1.2%. It touched its highest since June 15 at $1,265.14 earlier in the session. Gold prices fell for a third-straight session on Wednesday, before turning higher in post-settlement trade as the U.S. dollar weakened in the wake of the Fed’s dovish policy statement. While the Fed said it expected to start shrinking its massive holdings of bonds "relatively soon", the central bank also noted weakness in U.S. inflation more explicitly than before. The recognition of soft inflation added to expectations that the Fed's plan to raise interest rates a third time this year might be delayed. According to Investing.com’s Fed Rate Monitor Tool, conviction for another rate hike before the end of the year has faded, with less than 40% of market players expecting another move by December. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding nonyielding assets such as bullion.

• Oil prices were a bit lower in North American trade on Thursday, pausing for breath after rallying to the highest level in around eight weeks earlier in the session. The U.S. West Texas Intermediate crude September contract was at $48.38 a barrel by 8:10AM ET (1210GMT), down 37 cents, or around 0.8%. It touched its highest since June 1 at $48.94 in overnight trade. Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London slipped 37 cents to $50.60 a barrel, after touching an eight-week peak of $51.23 earlier. Oil prices finished higher for the third-session in a row on Wednesday, as data showing a fourth consecutive week of declines in U.S. crude inventories added to optimism that the market was rebalancing. U.S. oil inventories fell by 7.2 million barrels at the end of last week to 483.4 million barrels, much more than the expected drop of around 2.6 million barrels.

• U.S. natural gas futures rose to the highest levels of the session in North American trade on Thursday, after data showed that domestic supplies in storage rose less than anticipated last week. U.S. natural gas for September delivery was at $2.963 per million British thermal units by 10:35AM ET (1435MT), up 5.2 cents, or around 1.8%. Futures were at around $2.937 prior to the release of the supply data. Prices ended lower for the fifth time in six sessions on Wednesday amid bearish weather forecasts that should limit demand for the fuel. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer cooling demand. Nearly 50% of all U.S. households use gas for cooling.

TRADING STRATEGY :

BUY GOLD ABOVE 1265 TGT 1270 1280 SL BELOW 1255
SELL GOLD BELOW 1255 TGT 1250 1240 SL ABOVE 1265

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