Daily Comex Commodity Report of 27 September 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices turned lower on Tuesday, as the U.S. dollar strengthened ahead of a highly-awaited speech by Federal Reserve Chair Janet Yellen scheduled later in the day. Comex gold futures were down $8.92 or about 0.69% at $1,302.60 a troy ounce by 08:45 a.m. ET (12:45 GMT). Chair Janet Yellen was due to deliver a speech titled "Inflation, Uncertainty, and Monetary Policy" at the National Association for Business Economics' Annual Meeting in Cleveland at 12:45PM ET (16:45GMT) on Tuesday. Her comments will be monitored closely for any new insight on policy. Last week, the U.S. central bank announced it would begin trimming down its $4.5 trillion in assets and signaled it will likely raise rates again this year. The greenback had strengthened after New York Federal Reserve President William Dudley on Monday said the Fed is on track to gradually raise interest rates given factors depressing inflation are "fading" and the U.S. economy's fundamentals are sound.

Brent oil prices fell on Tuesday after investors took profit following a rally to 26-month highs spurred largely by threats from Turkey to cut crude exports from Iraq's Kurdistan region. Brent crude futures (LCOc1) fell 85 cents to $58.17 a barrel by 1405 GMT, having hit $59.49, the highest since July 2015 and more than 34 percent above their 2017 low. U.S. crude futures (CLc1) slid 54 cents to $51.68 a barrel, after hitting a five-month high of $52.43. Turkish President Tayyip Erdogan repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day (bpd) of crude from northern Iraq to the Turkish port of Ceyhan, intensifying pressure on the Kurdish autonomous region over its independence referendum. This potential loss, combined with 1.8 million bpd of output reductions by the Organization of the Petroleum Exporting Countries and non-OPEC producers, raised concerns of tighter supply.

U.S. natural gas futures started the week on an upbeat note on Monday, as market players continued to monitor weather forecasts to gauge near-term demand prospects. Warm high pressure will dominate the Great Lakes and east-central U.S. through mid-week with highs of 80s and 90s, followed by cooling late in the week as a fresh weather system arrives with showers and thunderstorms. The West will warm back into the 80s and 90s as the week progresses with the return of high pressure. Natural gas for November delivery was at $3.038 per million British thermal units by 8:55AM ET (1255GMT), up 1.7 cents, or around 0.6%.

TRADING STRATEGY :

BUY GOLD ABOVE 1305 TGT 1310 1320 SL BELOW 1295
SELL GOLD BELOW 1290 TGT 1285 1275 SL ABOVE 1300

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