Daily Comex Commodity Report of 30 June 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices edged higher in European trade on Thursday, as the dollarextended its recent decline to the lowest level since October, boosting the appeal of the yellow metal. Comex gold futures were at $1,252.69 a troy ounce by 3:05AM ET (0705GMT), up $3.60, or around 0.3%. Gold ended higher on wednessday to notch its fifth gain in six sessions. Also on the Comex, silver futures ticked up 12.0 cents, or roughly 0.7%, to $16.84 a troy ounce. The dollar wallowed at one-year lows against the euro and slipped against sterling as investors priced in tighter monetary policy in Europe, following hawkish comments made by key central bank officials. Sterling added to gains made after Bank of England Governor Mark Carney said on Wednesday that the central bank is likely to need to raise interest rates as the British economy comes closer to operating at full capacity.

• Oil prices rose to a two-week high in European trade on Thursday, extending gains into a sixth session after U.S. government data revealed the biggest weekly decline in domestic crude production in almost a year. The U.S. West Texas intermediate crude August contract was at $45.12 a barrel by 3:35AM ET (0735GMT), up 38 cents, or around 0.9%. It touched its highest since June 14 at $45.23 earlier. Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London tacked on 37 cents, or about 0.8%, to $47.91 a barrel, after hitting a two-week high of $48.03. Crude prices posted sharp gains on Wednesday, with the commodity logging its fifth wining session in a row. Data from the U.S. Energy Information Administration showed that total domestic crude production fell by 100,000 barrels a day to 9.25 million barrels a day for the week ended June 23. That was the biggest decline in weekly output since July 2016. Oil prices have been under pressure in recent weeks as concern over rising U.S. shale output canceled out production cuts by OPEC and non-OPEC members.

• U.S. natural gas futures rose to a four-week high on Wednesday, extending gains into a fourth session amid bullish weather forecasts that should provide a boost in demand for the fuel. U.S. Natural gas for August delivery was at $3.099 per million British thermal units by 9:05AM ET (1305GMT), up 3.4 cents, or around 1.1%. It rose to its highest since June 1 at $3.117 earlier. Natural gas edged higher on tuesday to notch its third wining session in a row, 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. Gas use typically hits a seasonal low with spring's mild temperatures.

TRADING STRATEGY :

BUY GOLD ABOVE 1255 TGT 1265/1275 SL BELOW 1244
SELL GOLD BELOW 1243 TGT 1237/1230 SL ABOVE 1250

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