Daily Comex Commodity Report of 01 August 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices edged lower on Monday, after rising to their highest level in around seven weeks overnight as market players looked ahead to a busy week of economic data, including the monthly U.S. jobs report. Besides the nonfarm payrolls data, this week's calendar also features U.S. reports on personal income and spending, which include the personal consumption expenditures inflation data, the Fed's preferred metric for inflation. Data on manufacturing and service sector growth, auto sales, factory orders and monthly trade figures are also on the agenda. Comex gold futures were at $1,266.60 a troy ounce by 9:30AM ET (1330GMT), down $1.80, or about 0.2%. It touched its highest since June 14 at $1,270.80 earlier in the session. Prices logged a gain of 1.1% last week, its third such rise in a row, as fading expectationsfor the Federal Reserve to hike interest rates again later this year combined with deepening political turmoil in the White House sent the dollar to 13-month lows. Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

• U.S. natural gas futures fell sharply on Monday, hitting their lowest level in almost a month amid bearish weather forecasts that should limit demand for the fuel. U.S. natural gas for September delivery was at $2.851 per million British thermal units by 8:25AM ET (1225GMT), down 9.0 cents, or around 3%. It fell to its lowest since July 5 at $2.834 earlier in the session. Prices saw a drop of roughly 1% last week. A weather system with cooling will linger over the East with showers and thunderstorms through August 5, resulting in comfortable temperatures. A fresh weather system will arrive over the central, southern, and eastern U.S. the following week, resulting in light demand. 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.

• Oil prices slipped on Monday, turning lower after hitting their strongest level in around two months overnight as investors cheered signs that the global crude market was starting to rebalance. The U.S. West Texas Intermediate crude September contract was at $49.45 a barrel by 8:40AM ET (1240GMT), down 26 cents, or around 0.5%. It touched its highest since May 30 at $50.06 earlier in the session. Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London shed 24 cents to $51.98 a barrel, after touching $52.55, a level not seen since May 25. Oil prices rose for the fifth session in a row on Friday to cap off their biggest weekly jump since early December last week. WTI gained $3.94, or about 8.5%, while Brent rose $4.46, or roughly 9.3%, as fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output boosted sentiment.

TRADING STRATEGY :

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

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