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Daily Comex Commodity Report of 15th November 2017 by Epic Research

, 15 November 2017 -- Gold prices were on the back foot on Tuesday, as market players turned their attention to a panel discussion including the heads of the European, U.S., British and Japanese central banks for further hints on future monetary policy moves.

INTERNATIONAL COMMODITY NEWS

Gold prices were on the back foot on Tuesday, as market players turned their attention to a panel discussion including the heads of the European, U.S., British and Japanese central banks for further hints on future monetary policy moves. European Central Bank chief Mario Draghi, outgoing U.S. Federal Reserve Chair Janet Yellen, Bank of England head Mark Carney and Bank of Japan Governor Haruhiko Kuroda will form an all-star panel on Tuesday at an ECB-hosted conference in Frankfurt. The panel discussion, titled "At the heart of policy: challenges and opportunities of central bank communication", is set to start at around 5:00AM ET (1000GMT). Curve-flattening on both sides of the Atlantic, but more markedly in the United States, suggests investors have doubts over the future path of inflation and may be starting to price in a downturn just as the global economy picks up speed.

After helping Iraq stifle a Kurdish push for independence, Iran is now positioning itself to take control of oil exports from the region's giant Kirkuk field, with the first deliveries expected within days, officials and trading sources said. In the weeks since September's failed Kurdish independence referendum, Iraq has agreed for the first time to divert crude from Kirkuk province, which it retook from the Kurds, to Iran, where it will supply a refinery in the city of Kermanshah. Iran is locked in a proxy war with its regional rival and U.S. ally, Saudi Arabia. As well as Iraq, it has been extending its influence in Syria, Yemen and Lebanon, raising increasing concerns in Washington and Riyadh. Under the new arrangement, the first oil will be trucked across the border in the coming days.

Natural gas futures fell for the second-straight session Tuesday to reach a one-week low amid forecasts for less heating demand over the next two weeks. U.S. natural gas futures slumped 6.0 cents, or around 2%, to hit $3.106 per million British thermal units by 8:10AM ET (1310GMT), after touching its worst level since Nov. 7 at $3.089 earlier. Futures lost 4.6 cents, or 1.4%, on Monday, as traders reacted to forecasts showing a return to mild weather across most parts of the U.S. following a cold spell in the eastern part of the country. The central and southern U.S. will be mild to warm with highs reaching the comfortable upper 60s to 80s through Nov. 23. Meanwhile, market participants looked ahead to this week's storage data due on Thursday, which is expected to show a draw in a range between 3 and 15 billion cubic feet (bcf) in the week ended Nov 10.

TRADING STRATEGY :

BUY GOLD ABOVE 1280 TGT 1290 1310 SL BELOW 1270
SELL GOLD BELOW 1260 TGT 1250 1230 SL ABOVE 1270

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Wednesday, 15 November 2017 at 1:09 PM
Category: Business
 
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