Daily Comex Commodity Report of 2nd January 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold extended its rally to a three-month high on Friday, leaping toward its biggest one-year rise in seven years as a wilting U.S. dollar, political tensions and receding concerns over the impact of U.S. interest rate hikes fed into its rally. Gold's gains coincide with the greenback, in which gold is priced, sliding toward its worst year since 2003, damaged by tensions over North Korea, the Russian scandal surrounding U.S. President Donald Trump's election campaign, and persistently low U.S. inflation. The dollar index (DXY) touched three-month lows on Friday, lifting bullion to its highest level since late September at $1,307.60 an ounce before paring gains. Strong charts, the weaker dollar and expectations of bullish fundamental factors ahead have bolstered gold prices in year-end trade, said David Meger, director of metals trading for High Ridge Futures in Chicago. Spot gold prices were up 0.67 percent at $1,303.37 per ounce by 2:05 p.m. EST (1905 GMT), poised to finish 2017 up 13 percent.

U.S. oil prices ended above $60 a barrel in the final trading day of the year on Friday, for the first time in over two years amid signs that a glut in global inventories is easing. U.S. West Texas Intermediate (WTI) crude futures for February delivery tacked on 28 cents, or around 0.47%, to end at $60.12 a barrel. It was the highest close since June 2015. Brent crude futures, the benchmark for oil prices outside the U.S., rose 47 cents or 0.71% to settle at $66.63 a barrel by close of trade. Earlier in the week, Brent broke through $67 for the first time since May 2015. Oil prices have been buoyed by indications that global inventories are declining, as shrinking supplies reassured investors. On Thursday, the U.S. Energy Information Administration reported that crude stockpiles fell to the lowest level since October 2015 in the week ended Dec. 22.

An oil pipeline company established decades ago by Israel and Iran, and a new Israeli company that is meant to replace it, can continue to operate secretly, an Israeli parliamentary committee ruled on Sunday. The Eilat-Ashkelon Pipeline Co (EAPC) was a joint venture set up in 1968, when the two nations were friendly, to transport Iranian oil via Israel to the Mediterranean. Ties were cut after Iran's 1979 Islamic revolution, and the enemies are now locked in arbitration that could be worth billions of dollars. Although Iranian oil no longer flows through the pipeline, EAPC has become a major distributor of oil in Israel, with ambitions to become a leading trade hub.

TRADING STRATEGY :

BUY GOLD ABOVE 1310 TGT 1315 1325 SL BELOW 1300
SELL GOLD BELOW 1300 TGT 1295 1285 SL ABOVE 1310

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