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Daily Comex Report of 14 March 2018 by Epic Research

, 14 March 2018 -- Gold prices rebounded on Tuesday, as data showing that U.S. consumer prices cooled in February sent the greenback lower.

International Commodity News

Gold prices rebounded on Tuesday, as data showing that U.S. consumer prices cooled in February sent the greenback lower and dampened expectations for aggressive rate hikes by the Federal Reserve. Comex gold futures were up 0.36% at $1,325.6 a troy ounce by 09:00 a.m. ET (13:00 GMT). The dollar weakened after data showed that U.S. consumer prices slowed last month, confirming that an anticipated pickup in inflation will probably be only gradual. The report came after data on Friday showing a slowdown in wage growth dampened concerns over inflationary pressures and dampened expectations for four rate hikes by the Federal Reserve this year. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.13% at 89.77. Gold is sensitive to moves in both U.S. rates and the dollar.

Crude oil prices turned higher on Tuesday, as investors turned their attention to this week's U.S. supply reports, although ongoing concerns over U.S. production levels continued to weigh. The U.S. West Texas Intermediate Crude Oil WTI Futures April contract was up 50 cents or about 0.81% at $61.86 a barrel by 03:35 a.m. ET (07:35 GMT), off session lows of $60.80. Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London advanced 58 cents or about 0.89% to $65.53 a barrel. Oil prices initially came under pressure after the International Energy Agency (IEA) said in its monthly report on Monday that U.S. crude oil production jumped above 10 million barrels per day (bpd) at the end of 2017, overtaking output by top exporter Saudi Arabia. The IEA also said that U.S. production is expected to rise above 11 million bpd by late 2018, outpacing Russia.

Renewable fuel credits for 2018 slipped on Tuesday after the U.S. Environmental Protection Agency granted a bankrupt Philadelphia refiner significant relief from its biofuel obligations. Prices for renewable fuel (D6) credits for 2018 traded at 35 cents on Tuesday morning, traders said, down from 38.5 cents on Monday and roughly 40 percent lower than just two weeks ago. The EPA and the Carlyle Group-backed Philadelphia Energy Solutions refinery agreed on Monday that the refiner would have to satisfy only roughly half of its $350 million worth of outstanding compliance obligations under the U.S. Renewable Fuel Standard. The RFS requires refiners to blend biofuels like ethanol into their fuel or buy credits from those that do.

Trading Strategy:

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1310 TGT 1305 1295 SL ABOVE 1320

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Wednesday, 14 March 2018 at 12:31 PM
Category: Business
 
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