Daily Comex Commodity Report of 5th January 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices were lower on Thursday, but losses were expected to be limited as sentiment on the U.S. dollar remained vulnerable after the release of mixed U.S. economic reports. Comex gold futures were down 0.16% at $1,316.50 a troy ounce by 09:00 a.m. ET (13:00 GMT), off the previous session's three-and-a-half month peak of $1,323.00. Payrolls processor ADP reported on Thursday that U.S. private employers added 250,000 jobs in December, well above economists' expectations. A separate report showed that U.S. jobless claims increased by 3,000 last week to 250,000, disappointing expectations for a 6,000 decline. The U.S. dollar briefly recovered after Fed policymakers acknowledged, in the minutes of the Federal Reserve's December meeting released Wednesday, that the U.S. labor market and economic activity remain strong, despite persistently low inflation.

West Texas Intermediate oil held onto gains in North American trade on Thursday, after data that showed that oil supplies in the U.S. registered a larger-than-expected inventory draw. Crude oil for February delivery on the New York Mercantile Exchange gained $0.14, or 0.23%, to trade at $61.77 a barrel by 11:02AM ET (16:02GMT) compared to $61.81 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventoriesfell by 7.419 million barrels in the week ended December 22. Market analysts' had expected a crude-stock draw of 5.148 million barrels, while the American Petroleum Institute late Wednesday reported a supply draw of 4.992 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 2.441 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 424.5 million barrels as of last week, according to press release, which the EIA considered to be “in the middle of the average range for this time of year”.

U.S. natural gas futures turned around and registered losses in North American trade on Thursday, after data showed that natural gas supplies in storage in the U.S. declined less than expected last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 206 billion cubic feet in the week ended December 29, while analysts had forecast a decline of 221 billion. After the release, natural gas for delivery in February on the New York Mercantile Exchange fell 0.3 cents, or about 0.10%, to trade at $3.003 per million British thermal units by 10:32AM ET (14:32GMT). Futures had been rising by 2.4 cents, or about 0.8%, at $3.032 prior to the release of the supply data.

TRADING STRATEGY :

BUY GOLD ABOVE 1325 TGT 1330 1340 SL BELOW 1315
SELL GOLD BELOW 1310 TGT 1305 1295 SL ABOVE 1320

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