Daily Comex Report of 23 March 2018 by Epic Research

International Commodity News

Gold prices were trading near their highest levels in two weeks in midday trade on Thursday, after a less hawkish than expected Federal Reserve and amid growing concerns over trade tariffs. Gold futures for April delivery on the Comex division of the New York Mercantile Exchange were up $6.50, or 0.49% to $1,328.00 a troy ounce by 11:52 AM ET (13:52GMT). That was its highest level since March 7. Gold traded higher on Thursday after the Federal Reserve raised interest rates the day before but stuck to its forecast for two more hikes this year. Some investors had expected the Fed to project three more rate hikes this year so the decision to stick to its forecast for two additional hikes was seen as less hawkish than expected. Expectations for a slower pace of rate hikes tend to buoy gold, which struggles to compete with yield bearing assets when interest rates rise. Prices of the precious metal received an additional boost from increased safe haven demand amid growing concerns over the prospect of a U.S.-led trade war.

Natural gas futures were little changed near their lowest level in around four weeks on Thursday, after data showed that domestic supplies in storage fell broadly in line with expectations last week. Front-month U.S. natural gas futures shed 0.2 cents, or around 0.1%, to $2.646 per million British thermal units (btu) by 10:35AM ET (1435GMT). Futures were at $2.657 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. fell by 86 billion cubic feet (bcf) in the week ended March 16, just below forecasts for a withdrawal of 87 bcf. That compared with a decline of 93 bcf in the preceding week, a fall of 150 bcf a year earlier and a five-year average drop of 53 bcf

Global energy-related carbon emissions rose to a historic high of 32.5 gigatons last year, after three years of being flat, due to higher energy demand and the slowing of energy efficiency improvements, the International Energy Agency (IEA) said. Global energy demand rose by 2.1 percent last year to 14,050 million tonnes of oil equivalent, more than twice the previous year's rate, boosted by strong economic growth, according to preliminary estimates from the IEA. Energy demand rose by 0.9 percent in 2016 and 0.9 percent on average over the previous five years. Over 70 percent of global energy demand growth was met by oil, natural gas and coal, while renewables accounted for almost all of the rest, the IEA said in a report. Improvements in energy efficiency slowed last year. As a result of these trends, global energy-related carbon dioxide emissions increased by 1.4 percent in 2017 to 32.5 gigatons, a record high.

Trading Strategy:

BUY GOLD ABOVE 1340 TGT 1345 1355 SL BELOW 1330
SELL GOLD BELOW 1320 TGT 1315 1305 SL ABOVE 1330

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This release was published on openPR.