Daily Comex Commodity Report of 27th November 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices fell on Friday as investors appeared to take profit on recent gains, while German geopolitical uncertainty eased supporting an uptick in US Treasury yields which weighed on sentiment. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $4.42, or 0.34%, to $1287.74 a troy ounce. Gold prices struggled to pare losses sustained earlier the week snapping a two-week winning streak on Friday amid falling geopolitical uncertainty and profit taking. The uncertainty surrounding the future leadership position of German chancellor Angela Markel eased after Germany’s Social Democrats said it would consider talks with Angela Merkel’s Christian Democratic party to form a government. “The Social Democratic Party (SPD) is firmly convinced that talks have to take place. The SPD is not closed to talks,” Hubertus Heil, the general secretary, said early on Friday.

Crude oil prices settled higher on Friday supported by tighter supplies amid ongoing disruption to the Keystone pipeline, while a report suggesting OPEC and Russia agreed on a plan to extend output curbs lifted sentiment. On the New York Mercantile Exchange crude futures for December delivery rose 1.6% to settle at $58.95 a barrel, while on London's Intercontinental Exchange, Brent gained 0.58% to trade at $63.90 a barrel. Crude oil prices settled at above two-year highs as the disruption to the Keystone pipeline connecting Canada’s Alberta oil sands to U.S. refineries continued to limit supplies. The line was shut last week following a 5,000-barrel spill in South Dakota. Ahead of the OPEC Nov. 30 meeting, investors cheered a report suggesting OPEC and Russia agreed on a plan framework to extend output cuts beyond March.

TransCanada Corp said on Friday it has recovered 44,400 gallons, or 1,057 barrels, of oil from the Keystone pipeline spill site at Amherst, South Dakota. The company had shut down its 590,000 barrel-per-day Keystone pipeline, which links Alberta's oil sands to U.S. refineries, on Nov. 16 after a 5,000-barrel spill. It has not yet set an expected restart date for the pipeline, which is one of Canada's main crude export pipelines. Additional excavation will be conducted beyond Sunday for soil remediation purposes, the Calgary-based company said, adding, it has about 170 personnel round-the-clock on the site engaged in clean-up activities. Preliminary inspections of the damaged section will be completed on site by both TransCanada and U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) staff, then sent to Washington, D.C., for an investigation by the National Transportation Safety Board's Metallurgical Laboratory, the company said.

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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