Press release
Daily Comex Commodity Report of 22nd January 2018 by Epic Research
INTERNATIONAL COMMODITY NEWSGold prices gained in Asia on Friday as a weaker dollar brought physical demand into the market. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose 0.29% to $1,331.10 a troy ounce. The US dollar index fell 0.04% to 90.27 as the US House of Representatives passed a stopgap funding bill for the government, but the Senate may be harder to reach a deal and President Trump has how own concerns. Gold prices eased from four-month highs as US yields rose sharply after strong growth data from China and amid expectations that inflation would soon gather pace. Yields on United States 10-Year reached a ten-month high amid strong China economic growth data and rising expectations for faster inflation growth, which pressured gold prices to retreat from four-month highs. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
Brazilian state-controlled oil company Petróleo Brasileiro SA (SA:PETR4) owes the government billions of dollars tied to offshore exploration rights but is unlikely to pay this year, a cabinet minister said. The government's 2018 budget does not include any revenue from the so-called "transfer of rights" area that has sparked a dispute with the company also known as Petrobras, Planning Minister Dyogo Oliveira said in an interview on Thursday. In 2010, Brazil exchanged offshore exploration rights for equity in Petrobras. The government argues it is now owed money due to a reassessment of the value of the assets, but Petrobras says it is owed money by the government from the reassessment. Oliveira's comments suggested the dispute could drag on despite the creation of a government commission comprised of representatives from several ministries this week to accelerate negotiations. There is a 60-day deadline to reach a deal.
Crude oil prices fell in Asia on Friday with fresh supply/demand and production figures on tap later in the day to set the tone. On the New York Mercantile Exchange crude futures for February delivery fell 0.84% to $63.41 a barrel, while on London's Intercontinental Exchange, Brent eased 0.40% to $68.86 a barrel. The IEA on Friday will detail its monthly supply and demand estimates. Baker Hughes reports US rig count data with last week at 752. Overnight, crude oil prices pared gains heading into settlement as traders weighed a sharp rebound in production against a fall in crude supplies for the ninth week in a row while an unexpected fall in product inventories failed to lift sentiment. OPEC raised its forecast for oil supply from outside of the cartel in 2018 by 1.15 million barrels per day (bpd) this year, up from 990,000 bpd expected previously, noting higher prices are attracting more exploration and production.
TRADING STRATEGY :
BUY GOLD ABOVE 1340 TGT 1345 1355 SL BELOW 1330
SELL GOLD BELOW 1325 TGT 1320 1310 SL ABOVE 1335
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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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