Press release
Daily Comex Report of 28 February 2018 by Epic Research
INTERNATIONAL COMMODITY NEWSGold prices moved lower on Tuesday, as comments by Federal Reserve Chairman Jerome Powell pushed the U.S. dollar higher despite the release of downbeat data on U.S. durable goods orders. Comex gold futures were down 0.13% at $1,331.9 a troy ounce by 08:35 a.m. ET (12:35 GMT). The greenback was boosted after Fed Chair Jerome Powell reiterated on Tuesday that the U.S. central bank would likely move forward with gradual increases in interest rates. Powell was speaking at his first semi-annual monetary policy testimony to the House Financial Services Committee since taking over the helm of Fed earlier this month. Gold is sensitive to moves in both U.S. rates and the dollar. A stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.10% at 89.86.
Crude oil prices slipped lower on Tuesday, ahead of this week's U.S. supply reports but the commodity remained within close distance of recent mutli-week highs amid sustained optimism over the rebalancing of the market. The U.S. West Texas Intermediate crude April contract was down 18 cents or about 0.28% at $63.73 a barrel by 10:00 a.m. ET (14:00 GMT), just off Monday's more three-week highs of $64.22. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London slipped 10 cents or about 0.15% to $67.19 a barrel, after hitting a more than two-week peak of $67.65 in the previous session. Oil prices strengthened after Saudi oil minister Khalid al-Falih said over the weekend that the country's oil production in January-March would be well below output caps, with exports averaging below 7 million barrels per day (bpd).
Natural gas futures edged lower on Tuesday, retreating from the prior session's two-week high amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel. Frontmonth U.S. natural gas futures shed 1.5 cents, or around 0.6%, to $2.671 per million British thermal units (btu) by 9:35AM ET (1435GMT). It rose to $2.723 in the last session, its best level since Feb. 9. The commodity notched a gain of 1.1% on Monday, as updated weather forecasting models showed a return to colder weather over the eastern U.S. during the first week of March. Despite recent gains, market experts warned that futures are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed.
TRADING STRATEGY :
BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1309 TGT 1304 1204 SL ABOVE 1319
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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 market tips, commodity tips, intraday 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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