Press release
Daily Comex Commodity Report of 9th January 2018 by Epic Research
INTERNATIONAL COMMODITY NEWSGold prices remained lower on Monday, as expectations for upcoming U.S. rate hikes lent support to the dollar despite last Friday's disappointing U.S. employment data. Comex gold futures were down 0.12% at $1,320.60 a troy ounce by 08:25 a.m. ET (12:25 GMT), still within close distance of last week's four-month peak of $1,327.30. The greenback found support after San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts. The comments came a day after Cleveland Fed President Loretta Mester said she expects about four interest rate hikes this year, thanks to solid U.S. economic growth and low unemployment. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.32% at 92.04, the highest since December 29. Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
Crude oil prices continued to trade near recent multi-year highs on Monday, helped by news of a decline in U.S. oil rigs, although ongoing concerns over rising U.S. production were expected to limit gains. The U.S. West Texas Intermediate crude February contract was up 5 cents or about 0.08% at $61.51 a barrel by 04:00 a.m. ET (08:00 GMT), not far from last week's two-and-a-half year high of $62.21. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London held steady at $67.59 a barrel, still close to the previous session's nearly three-year peak of $68.27. Oil prices remained supported after Baker Hughes on Friday reported a decline by five to 742 in the number of U.S. rigs in the week to January 5. However, optimism was limited by news U.S. production is expected to exceed 10 million barrels per day (bpd) very soon, mainly due to increasing output from shale drillers.
President Donald Trump's administration has proposed opening up nearly all of America's offshore waters to oil and gas drilling, but the industry says it is mainly interested in one part of it, now cordoned off by the Pentagon: the eastern Gulf of Mexico. The industry's focus on an area located near a sprawling network of existing platforms, pipes and ports could ease the path to new reserves, and assuage the drilling opponents near other places offered under the Interior Department's proposed drilling plan issued last week, like California's Pacific, the Atlantic and Arctic. But accessing it would likely require the consent of the U.S. military. The eastern Gulf has been formally off-limits to drilling since 2006 due mainly to the Defense Department's concerns oil development interfere with extensive military testing and training exercises in the area.
TRADING STRATEGY :
BUY GOLD ABOVE 1325 TGT 1330 1340 SL BELOW 1315
SELL GOLD BELOW 1315 TGT 1310 1300 SL ABOVE 1325
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Epic Research Limited is a leading financial advisory services provider firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock tips, commodity tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.
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