Daily Comex Commodity Report of 20th November 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices rose sharply on Friday amid an uptick in geopolitical uncertainty after North Korea ruled out negotiations with Washington on curbing its nuclear weapons programme. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $14.77, or 1.15%, to $1292.88 a troy ounce. “As long as there is continuous hostile policy against my country [North Korea] by the U.S. and as long as there are continued war games at our doorstep, then there will not be negotiations,” North Korea’s US ambassador Han Tae Song said. That fuelled geopolitical uncertainty, raising demand for safe-haven gold as market participants feared that North Korea could retaliate should Washington respond with new sanctions on the isolated nation. In the U.S., political uncertainty weighed on treasury yields and the dollar, underpinning a move higher in gold prices after reports surfaced that Special Counsel Robert Mueller was set to issue fresh subpoenas for the Trump campaign as part of investigation into alleged Russian interference in the 2016 U.S. election.

A major oil spill on the Keystone pipeline in South Dakota helped push U.S. crude prices higher on Friday, while fueling opposition to another pipeline project by owner TransCanada Corp that faces a crunch decision in Nebraska next week. The climb in U.S crude futures and slide in Canadian heavy crude prices, as well as TransCanada Corp shares, came the day after the 5,000 barrel spill, tied for this year's largest pipeline leak in the United States. No date has been set for reopening Keystone, TransCanada said, adding that a media report that had identified a restart date was incorrect. The spill gave further ammunition to environmental groups and other U.S. opponents of another pipeline the company has proposed, the long-delayed Keystone XL.

U.S. natural gas futures reversed gains on Thursday to trade lower despite data showing that domestic supplies in storage fell for the first time this season. U.S. natural gas futures shed around 0.3 cents, or about 0.1%, to $3.080 per million British thermal units by 10:55AM ET (1555GMT). Futures were at around $3.091 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. fell by 18 billion cubic feet (bcf) in the week ended Nov. 10, compared to forecasts for a withdrawal of 14 billion. It was the first weekly decline since March. That compared with a gain of 15 bcf in the preceding week, a build of 30 bcf a year earlier and a five-year average rise of 12 bcf.

TRADING STRATEGY :

BUY GOLD ABOVE 1300 TGT 1305 1315 SL BELOW 1290
SELL GOLD BELOW 1280 TGT 1275 1265 SL ABOVE 1290

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