Daily Comex Report of 28 March 2018 by Epic Research

International Commodity News

Gold fell on Tuesday as the dollar was bolstered by news that China and the U.S. were negotiating a trade deal. Comex gold futures for April delivery slumped 1.02% to a five-week high of $1,341.20 a troy ounce as of 10:28 AM ET (14:28 GMT). The U.S and China are negotiating trade agreements to give the U.S. access to Chinese markets, according to various media reports. China has offered to buy more semiconductors from the U.S., as well as opening up the financial services sector to foreign investment, the Financial Times reported. Last week U.S. President Donald Trump announced tariffs on $50 billion worth of Chinese imports, prompting concerns over a global trade war. The reports eased investor appetite for risk, as a trade war between the two biggest economies in the world seems less likely.

Crude prices mostly higher on Tuesday, although West Texas Intermediate struggled around the unchanged mark, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (20:30GMT) Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock gain of around 0.4 million barrels. U.S. West Texas Intermediate (WTI) crude futures inched up 1 cent, or 0.02%, to $65.56 a barrel by 10:27AM ET (14:27GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., added 29 cents, or roughly 0.4%, to $69.81 a barrel.

OPEC and Russia are working on a long-term deal to cooperate on oil supply curbs that could extend controls over world oil supplies by major exporters for many years to come. Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering extending an alliance on oil curbs that began in January 2017 after oil prices crashed. “We are working to shift from a year-to-year agreement to a 10-20 year agreement,” the crown prince told Reuters in interview in New York.“We have agreement on the big picture, but not yet on the detail.” Top OPEC producer Saudi Arabia recruited Russia and other producers to collaborate with the Organization of Petroleum Exporting Countries when oil prices collapsed from over $100 a barrel in 2014 to below $30 in 2016. Crude has recovered to $70 but fast-rising output from U.S. shale producers has capped prices. Russia, never a member of OPEC, has worked alongside OPEC during previous oil gluts, dating back to 1990, but a 10-20 year deal between the two would be unprecedented.

Trading Strategy:

BUY GOLD ABOVE 1350 TGT 1355 1365 SL BELOW 1350
SELL GOLD BELOW 1340 TGT 1335 1325 SL ABOVE 1350

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