Press release
Daily Comex Commodity Report of 28 August 2017 by Epic Research
INTERNATIONAL COMMODITY NEWSGold prices edged towards $1,300 buoyed by falling expectations of U.S. monetary policy tightening later this year, after Janet Yellen failed to offer any details on monetary policy or balance sheet normalization in a speech at Jackson Hole on Friday. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $5.39, or 0.42%, to $1,297.41 a troy ounce. Gold prices hit a session high of $1,299.40 before tailing off slightly, amid falling investor expectations of a third rate hike later this year, after Yellen sidestepped monetary policy in a speech. Yellen’s speech comes ahead of a speech by her European counterpart Mario Draghi, who is expected to offer little in the way of updates concerning future monetary policy to avert an upward reaction in the euro.
Crude futures settled higher on Friday, despite fears that Hurricane Harvey could disrupt refinery activity, reducing demand for crude oil. On the New York Mercantile Exchange crude futures for October delivery rose 44 cents to settle at $47.87 a barrel, while on London's Intercontinental Exchange, Brent added 37 cents to trade at $52.41 a barrel. Government weather agencies said Harvey became a Category 2 storm as it crossed the Gulf of Mexico with winds of 110 mph (175 kph), 145 miles (235 km) off Port O'Connor, Texas. Analysts expect the main hit to the industry would probably be caused by flooding and power cuts, leading to disruption at refineries, reducing demand for crude, the primary input at refineries. “Demand numbers might suffer, and some [crude-oil] inventories might increase while refinery production also dips.
Hurricane Harvey slammed into the Texas coast as a Category 4 storm on Friday, bringing life-threatening winds and the likelihood of catastrophic flooding as the most powerful storm in over a decade to hit the mainland United States. The hurricane made landfall northeast of Corpus Christi around 10 p.m. CDT (0300 GMT) with maximum winds of 130 miles per hour (209 km per hour). The storm is expected to move slowly over the Texas and Louisiana coasts for days, with forecasts for storm surges of up to 13 feet (4 meters) and over 3 feet (90 cm) of rain. The town of Rockport appeared to be one of the hardest hit by Harvey's punch, hours after the mayor told anyone staying to write their names on their arms for identification in case of death or injury. A high school, hotel, senior housing complex and other buildings in the town of 10,000 suffered structural damage, according to emergency officials and local media. Some were being used as shelters. As many as 6 million people were believed to be in Harvey's path, as is the heart of America's oil refining operations.
TRADING STRATEGY :
BUY GOLD ABOVE 1295 TGT 1300 1310 SL BELOW 1285
SELL GOLD BELOW 1285 TGT 1280 1270 SL ABOVE 1295
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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.
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