Daily Comex Commodity Report of 8 September 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices rose to a fresh one-year peak on Thursday, after the release of disappointing U.S. unemployment claims data and the European Central Bank left interest rates unchanged. Comex gold futures were up by $8.87 or about 0.66% at $1,347.94 a troy ounce by 08:45 a.m. ET (12:45 GMT), just off a fresh one-year high of $1,351.65 hit earlier. The precious metal benefited from a weaker U.S. dollar after the U.S. Labor Department reported on Thursday that initial jobless claims rose more than expected to 298,000 last week. Sentiment on the greenback was already fragile after Federal Reserve official Lael Brainard said on Tuesday that the central bank should delay raising interest rates until it is confident inflation that is now "well short" of target will rebound. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.52% at 91.71, the lowest since August 29. Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

West Texas Intermediate oil pared losses in North American trade on Thursday, despite data showed that oil supplies in the U.S. registered a larger-than-expected inventory build, in a week affected by the impact of Hurricane Harvey. Crude oil for October delivery on the New York Mercantile Exchange fell 10 cents, or 0.20%, to trade at $49.06 a barrel by 11:03AM ET (16:03GMT) compared to $48.95 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories increased by 4.580 million barrels in the week ended September 1. Market analysts' had expected a crude-stock build of 4.022 million barrels, while the American Petroleum Institute late Wednesday reported a supply build of 2.791 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 0.797 million barrels last week, the EIA said.

U.S. natural gas futures edged lower on Thursday, after data showed that domestic supplies in storage increased slightly more than expected last week. U.S. natural gas for October delivery was at $2.994 per million British thermal units by 10:35AM ET (1435GMT), down 0.6 cents, or 0.2%. Futures were at around $2.995 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 65 billion cubic feet in the week ended Sept. 1, just above forecasts for a build of 64 billion. That compared with a gain of 30 billion cubic feet in the preceding week, a build of 36 billion a year earlier and a five-year average rise of 58 billion cubic feet.

TRADING STRATEGY :

BUY GOLD ABOVE 1360 TGT 1365 1375 SL BELOW 1350
SELL GOLD BELOW 1340 TGT 1335 1325 SL ABOVE 1350

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