Daily Comex Commodity Report of 20 September 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices edged higher on Tuesday, pulling away from the previous session's three-week lows as the release of mixed U.S. data weighed on the dollar, while investors eyed the conclusion of the Federal Reserve's monthly policy meeting on Thursday. Comex gold futures were up $1.45 or about 0.11% at $1,312.14 a troy ounce by 08:50 a.m. ET (12:50 GMT), off Monday's three-week trough of $1,308.10. The Fed was widely expected to leave interest rates unchanged at the conclusion of its two-day policy meeting on Thursday. However the U.S. central bank could give indications on when it plans to begin unwinding its balance sheet, as well as on any future interest rate decisions. The U.S. Commerce Department reported on Tuesday that the number of housing startsunexpectedly fell in August, while building permits unexpectedly jumped. Separate reports showed that U.S. import prices posted their biggest gain in seven months in August, while the current account deficit widened more than expected in the second quarter.

Crude oil prices remained supported near multi-month highs on Tuesday, still boosted by an overall upbeat outlook for global supply and demand, while markets awaited the release of fresh data on U.S. stockpiles. The U.S. West Texas Intermediate crude October contract was at $50.59 a barrel by 09:00 a.m. ET (13:00 GMT), up 24 cents or about 0.48%, just off a four-month peak of $50.84 reached overnight. Elsewhere, Brent oil for November delivery on the ICE Futures Exchange in London was up 14 cents or about 0.25% at $55.62 a barrel, not far from last Thursday's five-month high of $55.98. Oil prices remained supported by last week's bullish demand forecasts from the Organization of the Petroleum Exporting Countries and the International Energy Agency. The data also showed that global oil production fell last month for the first time since March, boosting optimism that the market is rebalancing.

U.S. natural gas futures were stable on Tuesday, pausing for breath after rallying to a four-month peak in the prior session amid bullish weather forecasts and a flurry of tropical storm activity in the Atlantic. U.S. natural gas for October delivery was at $3.147 per million British thermal units by 8:45AM ET (1245GMT), little changed on the session. It touched its best level since May 31 at $3.166 a day earlier. Futures climbed 4%, on Monday, as updated forecasts pointed to unusually warm weather in key gas-consuming regions in the U.S. in the week ahead. High pressure will dominate the southern and eastcentral U.S. with highs of 80s and 90s through Sept. 25.

TRADING STRATEGY :

BUY GOLD ABOVE 1320 TGT 1325 1335 SL BELOW 1310
SELL GOLD BELOW 1300 TGT 1295 1285 SL ABOVE 1310

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