Daily Comex Commodity Report of 21 June 2017 by Epic Research

Gold prices held near their lowest level in around five weeks in North American trade on Tuesday, amid expectations for more U.S. interest rate hikes this year.

INTERNATIONAL COMMODITY NEWS

• Gold prices held near their lowest level in around five weeks in North American trade on Tuesday, amid expectations for more U.S. interest rate hikes this year. Comex gold futures were at $1,247.25 a troy ounce by 8:55AM ET (1255GMT), little changed on the day. Prices fell to $1,244.10 in overnight trade, a level not seen since May 17. Gold prices lost about $10.00, or 0.8%, on Monday. Also on the Comex, silver futures were down 4.2 cents, or roughly 0.3%, to $16.46 a troy ounce, its lowest since May 18. Market expectations for another Fed rate hike later this year have improved in wake of hawkish comments made by influential New York Fed Chief William Dudley on Monday. Dudley gave an upbeat assessment of the economy and warned against the central bank taking a pause in the tightening cycle. He added that U.S. inflation is a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening U.S. monetary policy.

• Oil prices sank to the lowest level since November in North American trade on Tuesday, as concerns over a glut in the market continued to batter sentiment. The U.S. West Texas Intermediate crude August contract was at $43.70 a barrel by 6:30AM ET (1030GMT), down 73 cents, or around 1.6%, after falling to its lowest since November 15 at $43.45 earlier in the session. Elsewhere, Brent oil for August delivery on the ICE Futures Exchange in London slumped 75 cents to $46.16 a barrel. The global benchmark touched an intraday low of $45.89, a level not seen since November 15. Oil prices lost around 1% on Monday as concerns over a steady increase in U.S. production added to fears over a glut in the market. U.S. drillers last week added rigs for the 22nd week in a row, according to data from energy services company Baker Hughes, implying that further gains in domestic production are ahead. The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up the market. Last month, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.

• U.S. natural gas futures were little changed on Tuesday, one day after suffering its biggest daily loss since January as updated weather forecasting models pointed to weak demand in the weeks ahead. U.S. natural gas for July delivery was at $2.889 per million British thermal units by 9:25AM ET (1325GMT), down half a cent. It fell to its lowest since March 17 at $2.877 in the prior session. Natural gas prices lost 14.3 cents, or around 4.7%, on Monday, their worst one-day drop since January. A cool front will sweep across the eastern U.S. the next few days with heavy showers and powerful thunderstorms, thereby dropping highs into the upper 60s and 70s with little demand for heating or cooling. Longer-term models showed considerably cooler temperatures for late next weekend into the following week as weather systems over southern Canada advance more aggressively into the northern and eastern U.S.

TRADING STRATEGY :

BUY GOLD ABOVE 1250 TGT 1255 1265 SL BELOW 1240

SELL GOLD BELOW 1235 TGT 1230 1220 SL ABOVE 1245

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