Daily Comex Commodity Report of 21st November 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices were moderataly lower on Monday, but they remained within close distance of a one-month peak as uncertainty over the fate of a major U.S. tax reform plan continued to weigh on demand for the dollar Comex gold futures were down $3.43 or about 0.26% at $1,293.07 a troy ounce by 08:20 a.m. ET (12:20 GMT). The House of Representatives on Thursday passed a bill that would lower corporate taxes and cut individual taxes for most households in 2018, in a step towards the biggest U.S. tax code overhaul since the 1980s. But the legislation may face a tougher fight in the Senate amid resistance within Republican ranks. Senate lawmakers are expected to vote on their version of the bill after this week’s Thanksgiving holiday. Markets were also jittery due to an ongoing investigation into potential Russian interference in the 2016 Presidential election.

Crude oil prices remained lower on Monday, as rising U.S. oil output and fears that efforts to curtail global oil production will not be extended dampened demand for the commodity. The U.S. West Texas Intermediate crude December contract was down 59 cents or about 1.04% at $56.12 a barrel by 09:50 a.m. ET (13:50 GMT). Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London was down 80 cents or about 1.28% at $61.92 a barrel. Oil prices remained under pressure amid concerns rising U.S. production would dampen OPEC’s efforts to rid the market of excess supplies. Domestic U.S. output has rebounded by almost 15% since the most recent low in mid-2016, casting doubts over the past few months' narrative of tightening energy markets. Growing concerns that Russia was reluctant to support an extension of an existing OPEC-led production cut agreement also weighed on the commodity.

Natural gas futures started the week off with sharp losses on Monday, as traders reacted to forecasts calling for less heating demand through the end of this month. U.S. natural gas futures sank 6.2 cents, or around 2%, to $3.035 per million British thermal units by 9:00AM ET (1400GMT). It reached its worst level since Nov. 3 at $3.026 earlier in the session. Prices climbed 4.4 cents, or almost 1.5%, on Friday, but still lost about 3.6% for the week. Gas futures often reach a seasonal low in late October and early November, when mild weather weakens demand, before recovering in the winter, when heating-fuel use peaks. The heating season from November through March is the peak demand period for U.S. gas consumption

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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