Daily Comex Commodity Report of 30th November 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices turned lower on Wednesday, as upbeat U.S. economic growth data pushed the dollar broadly higher, dampening demand for the precious metal. Comex gold futures was down $7.65 or about 0.58% at $1,287.53 a troy ounce by 09:00 a.m. ET (13:00 GMT). In a second estimate, official data showed that U.S. gross domestic product expanded by3.3% in the third quarter, compared to an initial reading of 3.0%. The upbeat report came a day after data showed that U.S. consumer confidenceapproached a 17-year high this month. Investors were also encouraged by the fact that the U.S. Senate Budget Committeeapproved President Donald Trump's tax bill. A full Senate vote of the bill could now take place as soon as Thursday. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.09% at 93.28, off session lows of 92.93. Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

Oil prices pared losses on Wednesday, after data showed U.S. crude stockpiles dropped more than forecast last week. U.S. West Texas Intermediate (WTI) crude futures were at $57.87 a barrel, down 12 cents, or about 0.2%, by 10:35AM ET (1535GMT). Prices were at around $57.78 prior to the release of the inventory data. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., dipped 10 cents, or around 0.2%, to $63.14 a barrel. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 3.4 million barrels in the week ended Nov. 24. That compared with analysts' expectations for a decline of 2.3 million barrels, while the American Petroleum Institute late Tuesday reported a supply-gain of 1.8 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 2.9 million barrels last week, the EIA said.

Natural gas futures extended their rally into a third session on Wednesday, as bullish speculators continued to place bets that a return to cold winter weather will boost demand for the heating fuel. U.S. natural gas futures surged 6.0 cents, or around 2%, to $3.189 per million British thermal units by 7:25AM ET (1225GMT). It climbed to its best level since Nov. 13 at $3.206 earlier. Natural gas prices rallied 11.1 cents, or 3.7%, on Tuesday, the biggest daily gain since Nov. 6. Futures are up around 9% so far this week as weather models predicted much colder weather across most parts of the continental United States starting from Dec. 6, along with areas of rain and snow. Initial forecasts called for mild weather during the period.

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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