Daily Comex Report of 21 March 2018 by Epic Research

International Commodity News

Gold prices pushed lower on Tuesday, as demand for the U.S. dollar strengthened ahead of the Federal Reserve's policy meeting this week. Comex gold futures were down 0.53% at $1,310.8 a troy ounce by 08:20 a.m. ET (12:20 GMT), just off the previous session's two-week trough of $1,307.4. The Fed is widely expected to raise rates by a quarter point at the conclusion of its two-day policy meeting on Wednesday, but 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. Investors were still cautious however amid over the economic impact of U.S. protectionist policies. The White House is expected to unveil up to $60 billion in new tariffs on Chinese imports by Friday, targeting technology, telecommunications and intellectual property.

Crude oil remained higher on Tuesday, as Middle-East tensions sparked concerns over potantial supply disruptions, although concerns over rising U.S. output levels persisted. The U.S. West Texas Intermediate crude May contract was up $1.06 or about 1.71% at $67.28 a barrel by 10:00 a.m. ET (14:00 GMT), the highest since March 6. Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London advanced $1.09 or about 1.65% to $67.16 a barrel, the highest since February 28. Oil prices were boosted by news the U.S. could reimpose sanctions on Iran, while fresh tensions between Saudi Arabia and Iran sparked fears of supply disruptions in the region. But gains were expected to remain capped ahead of the American Petroleum Institute'sweekly report on U.S. oil supplies, due later Tuesday. The U.S. Energy Information Agency is set to release its weekly data on oil and gasoline stockpiles on Wednesday.

Natural gas futures were little changed on Tuesday, holding near their lowest levels in almost three weeks, 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 dipped 0.1 cents, or less than 0.1%, to $2.659 per million British thermal units (btu) by 9:45AM ET (1345GMT). It reached its lowest since Feb. 27 at $2.640 in the last session. The commodity lost 1.4% on Monday as a mixed late-winter outlook failed to spark any upward momentum. 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.

Trading Strategy:

BUY GOLD ABOVE 1315 TGT 1320 1330 SL BELOW 1305
SELL GOLD BELOW 1300 TGT 1295 1285 SL ABOVE 1310

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This release was published on openPR.