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Daily Comex Report of 17 April 2018 by Epic Research

, 17 April 2018 -- Gold prices rose to the day’s highs on Monday, propelled higher by the softer dollar which weakened as fears of an escalating conflict in Syria faded.

International Commodity News

Gold prices rose to the day’s highs on Monday, propelled higher by the softer dollar which weakened as fears of an escalating conflict in Syria faded. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange rose $3.90 or 0.29% to $1,351.90 a troy ounce by 10:08 AM ET (14:08 GMT). Market sentiment was buoyed by relief that the missile strikes on Syria in response to a suspected chemical-weapon attack on civilians did not prompt a response from Russia, Syria’s main ally. Investors remained cautious as the U.S. prepared to announce a fresh round ofeconomic sanctions on Russia related to its involvement in Syria’s use of chemical weapons. The dollar was also pressured after President Trump accused Russia and China ofdevaluing their currencies while the U.S. raises interest rates in a Twitter post. “Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!” Trump said.

Crude prices sank lower on Monday as increasing shale production and an apparent lull in Middle East tensions convinced traders to take profits after strong weekly gains. New York-traded West Texas Intermediate crude futures fell 56 cents, or about 0.8%, to $66.83 a barrel by 10:20AM ET (14:20GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 50 cents, or roughly 0.7%, to $72.08 a barrel. Both benchmarks last week saw their strongest weekly percentage performance since late July of last year, with WTI gaining about 8.6%, while Brent saw a weekly increase of 8.2%. However, data released late Friday brought concerns over increasing shale production stateside back to the forefront. According to Baker Hughes, U.S. drillers added seven oil rigs in the week to April 13, bringing the total count to 815, the highest number since March 2015.

Natural gas futures started the week in positive territory on Monday, hitting a more than four-week high, as lingering winter-like weather was seen delaying the official start of the storage injection season. Front-month U.S. natural gas futures rallied 3.4 cents, or around 1.2%, to $2.769 per million British thermal units (btu) by 9:25AM ET (1325GMT). It touched its highest level since March 14 at $2.777. The commodity gained about 1.2% last week, after a government storage report showed a withdrawal for the first week of the injection season thanks to lingering April cold. Despite recent gains, market experts warned that futures are likely to remain vulnerable in the near-term as below-normal temperatures in April mean less than they do in January and February

Trading Strategy:

BUY GOLD ABOVE 1355 TGT 1360 1370 SL BELOW 1345
SELL GOLD BELOW 1340 TGT 1335 1325 SL ABOVE 1350

Epic Research Limited is a leading financial advisory firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock market tips, commodity tips, intraday tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.

Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Tuesday, 17 April 2018 at 12:30 PM
Category: Business
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