Daily Comex Commodity Report of 19 February 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices fell Friday but were set to clinch their biggest weekly win in nearly two years despite a rebound in the greenback from three-year lows. Gold futures for April delivery on the Comex division of the New York Mercantile Exchange fell by $5.70, or 0.42%, to $1,349.70 a troy ounce. In the wake of a rebound in the dollar, gold prices fell but remained well supported as traders continued to mull over the impact of rising inflation on the precious metal. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A fall in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand for the precious metal. Some say that rising inflation, supporting expectations for further Federal Reserve rate hikes will weighed on the precious metal as it gets dumped for interest-bearing assets like bonds. Others, however, suggested that gold provides a hedge against inflation, so tends to garner attention in an inflationary environment.

Natural gas futures were higher on Thursday, finding support after data showed that domestic supplies in storage fell more than forecast last week. Front-month U.S. natural gas futures gained 1.7 cents, or around 0.6%, to $2.603 per million British thermal units (btu) by 10:45AM ET (1545GMT). Futures were at around $2.593 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 194 billion cubic feet (bcf) in the week ended Feb. 9, above forecasts for a withdrawal of 183 bcf. That compared with a decline of 119 bcf in the preceding week, a fall of 114 bcf a year earlier and a five-year average drop of 154 bcf. Total natural gas in storage currently stands at 1.884 trillion cubic feet (tcf), according to the U.S. Energy Information Administration.

Crude oil prices settled higher shrugging off data showing the number of US oil rigs rose for the fourth straight week. On the New York Mercantile Exchange crude futures for March delivery rose 34 cents to settle at $61.68 a barrel, while on London's Intercontinental Exchange, Brent gained 37 cents to trade at $64.70 a barrel. The number of oil rigs operating in the US jumped by seven to 798, the highest level since April 2, 2015, according to data from energy services firm Baker Hughes. That added to investor fears that rising US oil output would offset major oil producers’ efforts – as part of the production-cut agreement – to rid the market of excess oil stockpiles. The rise in US oil rigs comes just two days after data showed US producers continued to ramp up output. The Energy Information Agency disclosed its weekly supply totals report showing U.S. crude output hit a record 10.27 million barrels per day.

TRADING STRATEGY :

BUY GOLD ABOVE 1350 TGT 1355 1365 SL BELOW 1340
SELL GOLD BELOW 1340 TGT 1335 1325 SL ABOVE 1350

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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.

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

This release was published on openPR.