Daily Comex Commodity Report of 17th November 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices moved higher on Thursday, after the release of disappointing U.S. jobless claims data and manufacturing activity data dented demand for the greenback and as investors remained cautious ahead of a highly-anticipated vote on a major U.S. tax reform plan. Comex gold futures were up $2.24 or about 0.17% at $1,279.83 a troy ounce by 08:40 a.m. ET (12:40 GMT). The U.S. Department of Labor reported on Thursday that initial jobless claims increased unexpectedly to 249,000 last week. Separately, the Federal Reserve Bank of Philadelphia said its manufacturing index fell to22.7 in November from 27.9 the previous month, confounding expectations for a decline to only 25.0. The greenback had strengthened mildly after Wednesday's positive U.S. inflation andretail sales reports boosted expectations for a December rate hike by the Federal Reserve.

The United States is expected to account for more than 80 percent of global oil production growth in the next 10 years and it will produce 30 percent more gas than Russia by that time, he International Energy Agency (IEA) said on Thursday. "This has implications on the oil markets, prices, trade flows, investment trends and the geopolitics of energy," IEA head Fatih Birol said at a U.N. climate conference in Bonn. He said the United States, whose upstream energy industry has seen a resurgence with the development of fracking technology, would become the "undisputed leader of oil and gas production worldwide.“ On the broader market, he said the IEA expected oil markets to rebalance in 2018 if oil demand remained "more or less" as robust as it was now and if the Organization of the Petroleum Exporting Countries and its allies extended output cuts.

In a square behind Libya's central bank, black market dealers, some of them armed, carry small plastic bags filled with dollars and larger ones with dinars in and out of one of many informal exchanges. Traders buy food and other goods from abroad at the official rate and sell them at the unofficial one, pocketing vast profits; others make equally large sums by smuggling out heavily subsidized fuel. In the back streets of the old city meanwhile, ordinary people have resorted to selling jewelry or dollars hidden at home as six years of post-dictatorship chaos take their toll. "I haven't been paid for four months," said Fatima, 40, from the southern city of Sabha as she sold three small gold charms to pay for diabetes treatment for her sister, Hasina, who added: "We're helpless, there's nothing else we can do.

TRADING STRATEGY :

BUY GOLD ABOVE 1285 TGT 1290 1300 SL BELOW 1280
SELL GOLD BELOW 1265 TGT 1260 1250 SL ABOVE 1270

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