Press release
Daily Comex Commodity Report of 06 February 2018 by Epic Research
INTERNATIONAL COMMODITY NEWSGold prices fell sharply amid dollar strength following a jobs report showing the US economy created more jobs than expected in January, while signs of wage growth lifted investor expectations for a faster pace of rate hikes. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose by $9.80, or 0.73%, to $1,337.80 a troy ounce. The Labor Department said Friday, U.S. non-farm payrolls rose by 200,000 jobs in January. That beat economists’ forecasts for 184,000 new jobs. While unemployed remained at unchanged on the prior month at 4.1%. Wage growth met expectations rising 0.3%, and was revised upward to 0.3% for December. Signs of faster wage growth will be welcomed by the Federal Reserve as it has long held the belief that tighter labor markets would spur wage growth, leading to a faster pace of inflation.
Crude oil prices continued to decline on Monday, as rising U.S. production offset optimism surrounding global suppky cut efforts to drain the market of excess supplies. The U.S. West Texas Intermediate crude March contract was down 78 cents or about 1.19% at $64.67 a barrel by 04:00 a.m. ET (08:00 GMT). Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London lost 91 cents or about 1.33% to $67.67 a barrel, the lowest since January 8. Oil prices dropped after General Electric (NYSE:GE)'s Baker Hughes energy services firm reported on Friday that the number of oil drilling rigs climbed for a second week in a row. It rose by six to 765 last week, implying that further gains in domestic production are ahead. Domestic U.S. output has increased by almost 20% from the most recent low in mid-2016 and increasing drilling activity for new production means output is expected to grow further, as producers are attracted by climbing prices.
Natural gas futures started the week off in negative territory on Monday, after updated weather forecasting models showed that temperatures won't be as cold as previously expected through both the upcoming six- to 10-day and eight- to 14-day periods. Front-month U.S. natural gas futures slumped 4.9 cents, or around 1.7%, to $2.796 per million British thermal units (btu) by 9:20AM ET (1420GMT). It fell to around a one-month low of $2.787 earlier in the session. The commodity plunged about 19% last week, after weather forecasts showed that temperatures won't be as cold as previously expected. Bearish speculators are betting that the mild weather will reduce winter demand for the heating fuel. The heating season from November through March is the peak demand period for U.S. gas consumption.
TRADING STRATEGY :
BUY GOLD ABOVE 1340 TGT 1345 1355 SL BELOW 1330
SELL GOLD BELOW 1330 TGT 1325 1315 SL ABOVE 1340
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.
Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.
http://www.epicresearch.co/
or
mail us @ info@epicresearch.co
Also you can Whatsapp us at :7049084664
Our Office:411 Milinda Manor, 2 RNT Road, Indore 452001.
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.
Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.
http://www.epicresearch.co/
or
mail us @ info@epicresearch.co
Also you can Whatsapp us at :7049084664
Our Office:411 Milinda Manor, 2 RNT Road, Indore 452001.
411 Milinda Manor Indore
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