Daily Comex Commodity Report of 03 August 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices edged lower on Wednesday, as a recent rally to seven-week highs started showing signs of fatigue. Comex gold futures for August were at $1,262.93 a troy ounce by 8:50AM ET (1250GMT), down $9.50, or about 0.8%. It touched its highest since June 14 at $1,273.30 in the prior session. Data released earlier showed that U.S. non-farm private employment rose less than expected in July, but remained in territory consistent with a strengthening labor market. Nonfarm private employment rose by 178,000 last month, just below forecasts for an increase of 185,000, payroll processing firm ADP said. The economy created 191,000 jobs in June, upwardly revised from a previously reported increase of 158,000. The ADP figures come ahead of the U.S. Labor Department's more comprehensivenonfarm payrolls report on Friday, which includes both public and private-sector employment. Gold futures rose Tuesday as lackluster economic data raised questions about whether the Federal Reserve will follow through with another rate increase this year.

Oil prices fell to the lowest level of the session on Wednesday, after data from the U.S. Energy Information Administration showed domestic crude supplies fell less than expected last week. The U.S. West Texas Intermediate crude September contract was at $48.73 a barrel by 10:35AM ET (1435GMT), down 43 cents, or around 0.9%. Prices were at around $48.99 prior to the release of the inventory data Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London dipped 44 cents to $51.34 a barrel. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.5 million barrels in the week ended July 28. Market analysts' expected a crude-stock decline of around 3.0 million barrels, while the American Petroleum Institute late Tuesday reported a supply-gain of 1.8 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by39,000 barrels last week, the EIA said.

U.S. natural gas futures held near the prior session's five-month low on Wednesday, as investors looked ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel. U.S. natural gas for September delivery was at $2.813 per million British thermal units by 9:05AM ET (1305GMT), down 0.6 cents, or around 0.2%. It fell to its lowest since March 2 $2.761 on Monday as updated weather forecasts predicted that below normal temperatures across the U.S. could persist through the first half of August. 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.

TRADING STRATEGY :

BUY GOLD ABOVE 1275 TGT 1280 1290 SL BELOW 1265
SELL GOLD BELOW 1260 TGT 1255 1245 SL ABOVE 1270

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