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

INTERNATIONAL COMMODITY NEWS

Gold prices remained supported on Wednesday, as optimism over a major U.S. tax overhaul quickly waned and offered no support to the dollar. Trading volumes were expected to become more and more thin throughout the week, ahead of the Christmas holiday. Comex gold futures were up $2.70 or about 0.21% at $1,266.80 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off the previous session's two-week high of $1,268.40. The greenback showed little reaction after the House of Representatives on Tuesdayapproved the biggest U.S. tax overhaul in 30 years. Due to procedural issues another vote later will take place on Wednesday, but it is still considered as a step closer to the implementation of a major U.S. tax overhaul. The Senate vote was expected to follow on Thursday. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 93.09.

Oil prices were mixed on Wednesday, even as data from the U.S. Energy Information Administration showed that domestic crude stockpiles declined far more than expected last week. The U.S. West Texas Intermediate crude January contract was up 5 cents or about 0.10% at $57.61 a barrel by 10:30 a.m. ET (14:30 GMT). Prices were around $57.69 prior to the release of the inventory data. Elsewhere, Brent oil for February delivery on the ICE Futures Exchange in London was up 15 cents or about 0.22% at $63.96 a barrel. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 6.5 million barrels in the week ended December 15. Market analysts' expected a crude-stock draw of around 3.8 million barrels, while the American Petroleum Institute late Tuesday reported a stronger than expected drop of 5.2 million barrels.

Wells Fargo & Co (N:WFC) has asked its main regulator if it may buy platinum and lease it to a client in a test of a new rule meant to limit banks' exposure to volatile commodity markets, people familiar with the matter told Reuters. The Office of the Comptroller of the Currency (OCC) introduced the rule early this year to ensure that banks entrusted with customer deposits do not bet on price swings of metals. Wells Fargo would do the deal on behalf of an energy company and charge a fee for the service, said three people familiar with the request who were not authorized to discuss it publicly. A green light could help Wells Fargo grow a business catering to industrial clients even as the bank grapples with several scandals in its retail division.

TRADING STRATEGY :

BUY GOLD ABOVE 1270 TGT 1275 1285 SL BELOW 1260
SELL GOLD BELOW 1260 TGT 1255 1245 SL ABOVE 1270

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This release was published on openPR.