Daily Comex Report of 20 March 2018 by Epic Research

International Commodity News

Gold prices were little changed on Monday, hovering close to two-week lows as traders began to focus on this week's Federal Reserve monetary policy meeting. Comex gold futures were steady at $1,311.9 a troy ounce by 09:00 a.m. ET (13:00 GMT), just off a two-week trough of $1,307.4 hit overnight. Later in the week, the Fed is widely expected to raise rates by a quarter point at the conclusion of its two-day policy meeting. Investors will mostly be focusing on any indications as to the pace of monetary policy tightening for the remainder of the year. Gold is sensitive to moves in U.S. rates, as a rise in U.S. interest rates lifts the opportunity cost of holding non-yielding assets such as bullion. Separately, investors were still cautious amid concerns that more top Trump administration officials could be ousted from the White House and worries over the economic impact of U.S. trade tariffs. Elsewhere on the Comex, silver futures slipped 0.14% to $16.24 a troy ounce.

Crude oil remained lower on Monday, pulling away from recent two-week highs as news of a rise in U.S. drilling added to concerns over output levels and overshadowed upbeat global demand projections. The U.S. West Texas Intermediate crude April contract was down 21 cents or about 0.29% at $62.23 a barrel by 10:00 a.m. ET (14:00 GMT), after hitting a two-week peak of $62.54 on Friday. Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London slipped 7 cents or about 0.11% to $66.14 a barrel, off Friday's two-week highs of $66.42. Oil prices came under pressure after Baker Hughes energy services firm said on Friday that the number of active U.S. oil rigs increased by four in the week to March 16, bringing the total count to 800. High drilling activity has pushed U.S. crude oil production to rise to 10.38 million barrels per day (bpd), past top exporter Saudi Arabia.

Natural gas futures started the week on the back foot on Monday, amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel. Front-month U.S. natural gas futures slumped 5.0 cents, or around 1.8%, to $2.646 per million British thermal units (btu) by 9:50AM ET (1350GMT). It reached its lowest since Feb. 27 at $2.640 at one point. The commodity lost 1.6% last week. Market experts warned that futures are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed. Spring usually sees the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning. The heating season from November through March is the peak demand period for U.S. gas consumption.

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.