Daily Comex Report of 21 February 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices remained under pressure on Tuesday, as U.S. dollar strength and lower demand for safe-haven assets continued to weigh on the precious metal. Comex gold futures were down 1.08% at $1,341.6 a troy ounce by 08:00 a.m. ET (12:00 GMT), the lowest since February 14. The greenback remained supported against other major currencies despite U.S. deficit worries. The U.S. deficit is projected projected to climb near $1 trillion in 2019 following the recent announcement of infrastructure spending and large corporate tax cuts. The dollar has been pressured lower recently by expectations for a faster pace of monetary tightening outside the U.S., which would lessen the divergence between the Federal Reserve and other central banks. Market participants were looking ahead to the minutes of the Fed's latest policy meeting, due on Wednesday, for potential indications on the pace of future rate hikes.

Crude oil prices were mixed on Tuesday, as reduced supplies from Canada boosted demand for U.S. oil futures, while the Brent contract remained lower although optimism over the rebalancing of the market persisted. The U.S. West Texas Intermediate crude April contract was little changed at $61.55 a barrel by 10:00 a.m. ET (14:00 GMT), just off a two-week high of $62.64 hit overnight. The U.S. contract was boosted a result of reduced flows from Canada's Keystone pipeline, which has been operating below capacity since late last year due to a leak. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London lost 67 cents or about 1.02% to $65.00 a barrel, after hitting a more than one-week peak of $65.90 on Monday. Prices strengthened after Israel's Prime Minister Benjamin Netanyahu said on Sundaythat Israel could act against Iran itself, not just its allies in the Middle East, following border incidents in Syria.

Natural gas futures were higher on Tuesday, moving further away from their lowest levels in almost two years set last week, as updated weather forecasting models showed a return to colder weather over the eastern U.S. during the first week of March. Front-month U.S. natural gas futures climbed 7.0 cents, or around 2.8%, to $2.628 per million British thermal units (btu) by 8:20AM ET (1320GMT). It reached its best level since Feb. 9 at $2.662 earlier in the session, well above last Thursday's 21-month low of $2.530. U.S. gas futures did not settle on Monday due to the Presidents' Day holiday. The commodity saw a weekly decline of 1% last week, its third such loss in a row. Natural gas prices are down almost 30% since late January, amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.

TRADING STRATEGY :

BUY GOLD ABOVE 1350 TGT 1355 1365 SL BELOW 1340
SELL GOLD BELOW 1335 TGT 1330 1320 SL ABOVE 1345

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This release was published on openPR.