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Daily Comex Commodity Report of 31 July 2017 by Epic Research

07-31-2017 09:32 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Epic Research


• Gold prices traded higher on Friday, as the dollar remained under pressure at fourteen-month lows, after investor expectations grew the Federal Reserve would keep rates low for longer, following data showing inflation remained subdued. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $9.53, or 0.75%, to $1,269.52 a troy ounce. Gold recouped some of its losses sustained earlier during the week, as traders mulled over a downward revision in first-quarter gross domestic product (GDP) which offset second-quarter gross domestic product that met expectations. U.S. gross domestic product (GDP) increased 2.6% in the second quarter, meeting expectations, while first quarter GDP was revised down to 1.2%, the Bureau of Economic Analysis said on Friday. The data also revealed a slowdown in the annual pace of inflation, as the U.S. GDP price index, the broadest inflationary indicator, dipped more-than-expected to 1%, adding to recent concerns over the slowing pace of inflation. A slowdown in inflation has proven a key concern among Fed members, who voted on Wednesday to keep the central bank’s benchmark rate unchanged.

• Crude futures settled higher on Friday, as data this week eased concerns about surplus supplies, after Saudi Arabia pledged to lower exports while U.S. crude supplies fell more than expected. On the New York Mercantile Exchange crude futures for September delivery rose 67 cents to settle at $49.71 a barrel, while on London's Intercontinental Exchange, Brentadded $1.02 to trade at $52.51 a barrel. Crude futures edged closer to a key $50 level, capping off a bullish week which has seen crude futures for the nearest delivery trade at premium to those of the following month, a pattern known as backwardation, usually associated with tighter supplies. The Energy Information Administration (EIA) reported Wednesday, crude and gasoline stockpiles fell by more than expected last week, pointing to an uptick in demand for crude and refinery activity.

• Exxon Mobil Corp (N:XOM) posted a rare earnings miss on Friday, the only international oil producer to do so last quarter, as production slipped in its African and Canadian operations. Exxon's results were overshadowed by rival Chevron Corp (N:CVX), which easily exceeded Wall Street's expectations with a double-digit percentage increase in production. Royal Dutch Shell Plc (L:RDSa), Total SA (PA:TOTF) and Statoil ASA (OL:STL) this week delivered profits that topped expectations also. Chevron for years has downplayed profits to spend heavily on megaprojects in Australia, the U.S. Gulf of Mexico and elsewhere. That spending now is boosting Chevron's profit, whereas Exxon has fewer projects about to come online and many of its older assets require more capital to maintain. While profit rose sharply from a year earlier, the Irving, Texas-based company's production slipped about 1.0 percent. "Exxon continues to really struggle on getting its output up," said Edward Jones analyst Brian Youngberg.


BUY GOLD ABOVE 1270 TGT 1275 1285 SL BELOW 1260
SELL GOLD BELOW 1260 TGT 1255 1245 SL ABOVE 1270

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.


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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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