Daily Comex Report of 19 March 2018 by Epic Research

International Commodity News

Gold drifted lower as the dollar strengthen amid expectations that the Federal Reserve will hikes rates next week for the first time this year. Gold futures for April delivery on the Comex division of the New York Mercantile Exchange fell by $5.60, or 0.43%, to $1,312.20 a troy ounce. Gold prices were set for a fourth-straight weekly slump as investors remained wary of buying the dips in the precious metal ahead of the Federal Reserve’s two-day meeting which gets underway March 20. According to Investing.com’s Fed rate monitor, traders see a 93% chance the Federal Reserve will hike rates by 0.25% to a range of 1.50% to 1.75% on March 21. While many believe that the Federal Reserve March rate hike has been priced in, the central’s bank’s rate-hike projections or so-called dot-plots – illustrating where individual FOMC members believe rates are heading – are expected to be shifted upward, pointing to a faster pace of rate hikes. In December, the Federal Reserve’s dotplots indicated that the majority of FOMC members believed that three-rate hikes were appropriate for 2018.

Crude oil prices held steady on Friday, as ongoing concerns over global output overshadowed upbeat demand predictions. The U.S. West Texas Intermediate crude April contract was steady at $61.20 a barrel by 04:30 a.m. ET (08:30 GMT). Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London was little changed at $65.11 a barrel. Oil prices weakened after the Organization of the Petroleum Exporting Countries and Russia forecast non-OPEC supply of around 1.60 million bpd for 2018, compared to 1.40 million bpd prior. However, OPEC added that its efforts to cut supply continued to contribute to rebalancing the market. OPEC agreed in December to cut oil output by 1.8 million bpd until the end of 2018. The agreement was due to end in March 2018, having already been extended once.

The Energy Department is thinking small to save the beleaguered coal industry -- literally. The agency wants to spend $175 million on a program that would include designing at least two small-scale, coal-fired power plants. The units would have a capacity of about 200 megawatts, roughly one-third the size of a typical generator that uses coal. Steven Winberg, the assistant secretary for fossil fuel, told reporters at an energy conference in Houston last week the mini plants could be fired up more quickly than bigger ones. That would allow them to smooth out fluctuations in an electric grid that is increasingly dependent on renewable energy sources such as wind and solar that are subject to weather-related fluctuations. The concept has left many in the coal and utility industries scratching their heads and drawn opposition from environmental groups.

Trading Strategy:

BUY GOLD ABOVE 1325 TGT 1330 1340 SL BELOW 1315
SELL GOLD BELOW 1310 TGT 1305 1295 SL ABOVE 1320

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This release was published on openPR.