Daily Comex Commodity Report of 30 August 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices continued to hover at a 10-month peak on Tuesday, as news of another North Korean missile test sparked concerns over fresh geopolitical tensions in the region. Comex gold futures were up around $13.72 or about 1.06% at $1,329.&& a troy ounce by 08:40 a.m. ET (12:40 GMT). Safe-haven demand strengthened after North Korea fired a missile that flew over northern Japan, in the latest act of provocation by Pyongyang. Following the missile test, the U.S., Japan and South Korea asked for a United Nations Security Council meeting. According to diplomats, a meeting of the 15-member Security Council is scheduled to be held later Tuesday. Meanwhile, the greenback remained under pressure after a speech by Federal Reserve Chair Janet Yellen at the Jackson Hole economic symposium on Friday made no reference to monetary policy, disappointing some investors who had hoped she would adopt a hawkish tone.

Oil prices remained moderately higher on Tuesday, aas investors were still evaluating the consequences of Hurricane Harvey on the U.S. petroleum industry. The U.S. West Texas Intermediate crude September contract was at $46.62 a barrel by 09:00 a.m. ET (13:00 GMT), up around 0.28%. Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London gained 16 cents or 0.31%, to $51.58 a barrel. Massive floods caused by Harvey forced several refineries to close along the U.S. Gulf Coast, while heavy rains were spreading into the greater Houston area, which has already been hit by catastrophic flooding. The storm, which made landfall on Friday, is poised to regain strength before crashing ashore again near the Texas-Louisiana border Wednesday. Texas is home to 5.6 million barrels of refining capacity per day, and Louisiana has 3.3 million barrels.

U.S. natural gas futures struggled for direction on Tuesday, as market players continued to assess the damage from Tropical Storm Harvey. U.S. natural gas for October delivery was at $2.962 per million British thermal units by 8:10AM ET (1210GMT), little changed on the day. It fell to its lowest since August 9 at $2.880 on Monday, before reversing course to end 1.3% higher, as damage from Harvey was seen disrupting gas production in the Eagle Ford shale and the Gulf of Mexico. Massive floods caused by Harvey forced several producers to scale back output along the U.S. Gulf Coast. The storm, which made landfall on Friday, is poised to regain strength before crashing ashore again near the Texas-Louisiana border Wednesday. However, gains were held in check amid expectations that production losses would be more than offset by reductions in demand due to cooler temperatures and power outages.

TRADING STRATEGY :

BUY GOLD ABOVE 1325 TGT 1330 1340 SL BELOW 1315
SELL GOLD BELOW 1310 TGT 1305 1295 SL ABOVE 1320

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