Daily Comex Commodity Report of 21 August 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices were roughly unchanged on Friday struggling to take advantage of a slump in the dollar, following continued political uncertainty in Washington as Steve Bannon resigned from his role as White House chief strategist. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $0.91 or 0.07%, to $1,293.28 a troy ounce. Gold started the session on the front foot hitting a nine-month high of $1,306.14, before pairing losses, as safehaven demand grew in the wake of ongoing U.S. political uncertainty, after Steve Bannon resigned from his post as White House chief strategist, according to a White House official. "White House Chief of Staff John Kelly and Steve Bannon have mutually agreed today would be Steve's last day. We are grateful for his service and wish him the best," White House press secretary Sarah Huckabee Sanders said in a statement.

Crude futures settled higher on Friday, on the back of unconfirmed reports of a shutdown of one of the largest oil refineries in the U.S., easing investor concerns about the glut in supply. On the New York Mercantile Exchange crude futures for September delivery rose 3% to settle at $48.51 a barrel, while on London's Intercontinental Exchange, Brent added 3.59% to trade at $52.87 a barrel. Crude oil recovered from session lows, as traders piled into oil futures, after reports surfaced that a unit at Exxon Mobil’s Baytown, Texas refinery has been shut down. The reports surfaced ahead of an update from oilfield services firm Baker Hughes on Friday, showing its weekly count of oil rigs operating in the United States last week fell by five rigs to a total of 763. The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

U.S., Canadian and Mexican negotiators on Friday began digging into some of the thorniest issues in modernizing the North American Free Trade Agreement, including rules of origin for goods produced in the region, services trade and a controversial dispute settlement system. A copy of the NAFTA negotiating agenda obtained by Reuters reveals that meetings on rules of origin, a provision that determines how much of a product is made in North America, were expected to last through Sunday, when the initial round concludes. U.S. Trade Representative Robert Lighthizer emphasized at the opening of the talks on Wednesday that the United States was seeking major increases to the regional content required for goods to pass tariff-free between the three countries, including a demand for "substantial U.S. content" in the automotive sector

TRADING STRATEGY :

BUY GOLD ABOVE 1290 TGT 1295 1305 SL BELOW 1280
SELL GOLD BELOW 1279 TGT 1274 1264 SL ABOVE 1289

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