Daily Comex Commodity Report of 11th December 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices remained on track for a third-weekly slump as risk-on sentiment continued to support dollar strength, pressuring demand for the yellow metal. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange fell by $4.00, or 0.34%, to $1249.00 a troy ounce. Gold extended losses from Thursday as a mostly upbeat nonfarm payrolls and reports of a breakthrough in Brexit talks reduced safe-haven demand, pressuring gold to its largest weekly drop since May. The Labor Department said Friday, U.S. non-farm payrolls rose by 228,000 jobs in November, as the post-hurricane recovery in the labor market continued. That beat economists’ forecasts for 200,000 new jobs. Wage growth, however, undershot expectations rising just 0.2% compared to expectations for a 0.3% increase, while wage growth in the previous month was revised downwards dropping to 0.1% Meanwhile, uncertainty over the progress of Brexit eased, following reports that the UK agreed to pay up €50 billion to settle the so-called Brexit divorce bill.

The new chairman of the U.S. office that regulates energy projects was granted more time on Friday to decide on Energy Secretary Rick Perry's directive to subsidize aging nuclear and coal-fired power plants. Perry had directed Federal Energy Regulatory Commission in September to decide on a rule by Dec. 11 that would allow power plants that maintain at least 90 days of fuel supply on site to recover their full costs through regulated power pricing. The secretary says coal and nuclear plants should be rewarded for keeping the power grid robust by diversifying sources of power. Low natural gas prices have pushed many coal and nuclear plants into retirement. Kevin McIntyre, a Republican lawyer who represented energy companies at law firm Jones Day, was sworn in to head FERC, an independent office of the Energy Department, on Thursday.

Natural gas futures plunged on Thursday, falling to the lowest levels of the session after data showed a surprise buildup in U.S. supplies in storage last week. U.S. natural gas futures sank 14.0 cents, or around 4.8%, to $2.781 per million British thermal units by 10:40AM ET (1540GMT), after hitting their lowest level since Aug. 7 at $2.768. Futures were at around $2.790 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. rose by 2 billion cubic feet (bcf) in the week ended Dec. 1, confounding forecasts for a withdrawal of 7 bcf. That compared with a drop of 33 bcf in the preceding week, a fall of 42 bcf a year earlier and a five-year average decline of 69 bcf.

TRADING STRATEGY :

BUY GOLD ABOVE 1260 TGT 1265 1275 SL BELOW 1250
SELL GOLD BELOW 1240 TGT 1235 1225 SL ABOVE 1250

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