Daily Comex Report of 15 March 2018 by Epic Research

International Commodity News

Gold prices held steady near one-week highs on Wednesday, after the release of mixed U.S. economic reports and as investors remained cautious after thesudden firing of U.S. Secretary of State Rex Tillerson. Comex gold futures were little changed at $1,323.3 a troy ounce by 08:45 a.m. ET (12:45 GMT). The U.S. Commerce Department reported on Wednesday that retail sales fell 0.1% in February, compared to expectations for a 0.3% rise. A separate report showed that U.S. producer prices rose 0.2% in February, beating forecasts for an uptick of 0.1%. Markets were still jittery after U.S. President Donald Trump on Tuesday fired Secretary of State Tillerson, considered more moderate in his administration. Tillerson will be replaced by CIA Director Mike Pompeo. Investors also remained cautious after Trump announced plans to impose tariffs on up to $60 billion of Chinese imports, specifically targeting the technology and telecommunications sectors.

After a brief initial reaction to the downside, West Texas Intermediate oil managed to rebound and head higher in North American trade on Wednesday, after data showing that oil supplies in the U.S. registered a larger-than-expected inventory build, while gas and distillate stockpiles both fell more than forecast. Crude oil for April delivery on the New York Mercantile Exchange fell 13 cents, or 0.43%, to trade at $60.97 a barrel by 10:34AM ET (14:34GMT) compared to $60.89 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 5.022 million barrels in the week ended February 10. Market analysts' had expected a crude-stock build of 2.023 million barrels, though the American Petroleum Institute late Tuesday reported a build of just 1.156 million. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 0.338 million barrels last week, the EIA said.

U.S. energy pipeline developers say they intend to pursue exemptions to the Trump Administration's proposed steel tariffs, as concerns grow for those companies and from key exporters to the United States like South Korea. "We have a number of pipeline projects that would be impacted significantly by this cost increase," said Adam Bedard, chief executive of Arb Midstream, an energy transportation and marketing company. If exemptions become available, "we'd certainly try and qualify for it.“ He was referring to the U.S. Commerce Department's effort to devise a procedure for companies to apply to avoid paying a 25 percent tariff on imported steel or 10 percent on imported aluminum. Commerce has 10 days to come up with the procedure to apply for exemptions from the steel and aluminum tariff declaration issued last week.

Trading Strategy:

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1320 TGT 1315 1305 SL ABOVE 1330

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