Daily Comex Commodity Report of 29 June 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices edged higher in European trade on Wednesday, as the U.S. dollar and global stock markets pulled back, boosting the appeal of the yellow metal. The dollar nursed its losses, having come under pressure overnight after U.S. Senate Majority Leader Mitch McConnell delayed a vote on healthcare legislation until after the Senate's July 4 recess, hoping to get more support from Republican senators. Market participants are concerned that the Trump administration will find it hard to follow through with tax cuts and fiscal stimulus steps, without first getting the healthcare bill passed.The dollar index, which measures the greenback against a basket of six major currencies, was 96.09 in early trade, after falling to its lowest since November at 95.92 in overnight trade. Comex gold futures were at $1,252.52 a troy ounce by 3:05AM ET (0705GMT), up $5.55, or around 0.5%. Gold edged higher tuesday notch its fourth gain in five sessions.Also on the Comex,silver future ticked up 17.7 cents, or roughly 1.1%, to $16.76 a troy ounce.

• Oil prices were lower in European trade on Wednesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products later in the global day. The U.S. West texas intermidiete crude August contract was at $43.91 a barrel by 3:35AM ET (0735GMT), down 32 cents, or around 0.7%. It touched its highest since June 19 at $44.44 a day earlier. Elsewhere, BRENT OIL for September delivery on the ICE Futures Exchange in London shed 23 cents, or about 0.5%, to $46.69 a barrel, after hitting a more than one-week high of $47.30 in the prior session. Crude prices posted sharp gains on Tuesday, with the commodity logging its fourth winning session in a row. The U.S. Energy Information Administration will release its official weekly oil supplies report at 10:30AM ET (1430GMT).

• U.S. natural gas futures rose to a more than one-week high on Tuesday, extending gains from the prior session amid bullish weather forecasts that should provide a boost in demand for the fuel.U.S. Natural gas for August delivery was at $3.058 per million British thermal units by 9:25AM ET (1325GMT), up 0.9 cents, or around 0.3%. It rose to its highest since June 16 at $3.080 in overnight trade. Natural gas rallied almost 10.0 cents, or roughly 3.3%, on Monday, the biggest oneday gain since late February, as updated weather forecasting models pointed to increased summer demand in the weeks ahead. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand.

TRADING STRATEGY :

BUY GOLD ABOVE 1255 TGT 1262/1272 SL BELOW 1248
SELL GOLD BELOW 1240 TGT 1234/1224 SL ABOVE 1249

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