Daily Comex Commodity Report of 28th November 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices remained higher on Monday, as concerns over low levels of inflation in the U.S. and the potential consequences for the Federal Reserve's interest rate policy continued to weigh heavily on the greenback. Comex gold futures were up $7.05 or about 0.55% at $1,294.29 a troy ounce by 08:05 a.m. ET (12:05 GMT). Sentiment on the greenback remained vulnerable after last Wednesday’s minutes of the Federal Reserve’s November meeting showed that some officials were concerned inflation would stay below the bank's 2% target for longer than expected. The minutes echoed comments by Fed Chair Janet Yellen earlier in the week that she was uncertain about the inflation outlook. While a rate hike in December is still almost fully priced in, investors pared back expectations for further rate hikes in 2018. Market participants also continued to focus on a potential U.S. tax reform plan.

Crude oil prices were mixed on Monday, as markets were jittery ahead of a highly-anticipated meeting of global oil producers scheduled on Thursday. The U.S. West Texas Intermediate crude January contract was down 76 cents or about 1.29% at $58.19 a barrel by 09:50 a.m. ET (13:50 GMT), off Friday's two-year highs of $59.05. Elsewhere, Brent oil for February delivery on the ICE Futures Exchange in London was up 18 cents or about 0.28% at $63.65 a barrel. Investors remained cautious as oil ministers from the Organization of Petroleum Exporting Countries and other major producing countries were set to meet in Vienna on Thursday to decide whether to extend their current production agreement beyond a March 2018 deadline.

Natural gas futures started the week off with sharp gains on Monday, as traders returned to the market to seek cheap valuations after prices fell by the most since late February in the last session. U.S. natural gas futures surged 8.6 cents, or around 3%, to $3.002 per million British thermal units by 9:20AM ET (1420GMT). It plunged 15.5 cents, or 5.2%, on Friday, the biggest daily drop since Feb. 21. The commodity lost 9.2% last week, marking the largest weekly percentage decline since the period ended Feb. 3., as forecasts for a warm start to December raised the specter of a third straight mild winter. 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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