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Daily Comex Commodity Report of 12 September 2017 by Epic Research



INTERNATIONAL COMMODITY NEWS

Gold prices remained on the downside on Monday, as concerns over the impact of Hurricane Irma and tensions with North Korea continued to subside. Comex gold futures were down by $11.47 or about 0.85% at $1,339.74 a troy ounce by 08:30 a.m. ET (12:30 GMT), off Friday's one-year peak of $1,362.40. The dollar regained some strength following an official downgrading of Hurricane Irma’s strength to Category 1, as the storm pummeled Florida over the weekend after devastating much of the Caribbean. Massive storm surges have flooded areas across South Florida, while downed trees and power lines have left over 2 million residents without power. U.S. President Donald Trump said on Saturday that he will ask Congress to speed up its efforts to overhaul the U.S. tax code, citing the potential impact of Hurricane Irma. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.31% at 91.60, off Friday's 32-month low of 90.99.

U.S. oil futures remained higher on Monday, while Brent futures lost some ground as concerns over the impact of Hurricane Irma on the oil industry eased and amid talk of a possible extension of OPEC's supply cuts. The U.S. West Texas Intermediate crude October contract was at $47.62 a barrel by 09:00 a.m. ET (13:00 GMT), up 18 cents or about 0.38%. Elsewhere, Brent oil for November delivery on the ICE Futures Exchange in London dropped 30 cents or 0.56% to $53.48 a barrel. U.S. oil futures found support following an official downgrading of Hurricane Irma’s strength to Category 1, as the storm pummeled Florida over the weekend after devastating much of the Caribbean. Massive storm surges have flooded areas across South Florida, while downed trees and power lines have left over 2 million residents without power.

U.S. natural gas futures started the week on the front foot on Monday, after Hurricane Irma struck the U.S. southeast with less force than once feared, easing worries over a hit to energy demand. Irma hit Florida on Sunday morning as a dangerous Category 4 storm, the second highest level on the five-step Saffir-Simpson scale, but by afternoon as it barreled up the west coast, it weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph). It is forecast to weaken to a tropical storm over northern Florida or southern Georgia later Monday. U.S. natural gas for October delivery was at $2.926 per million British thermal units by 8:45AM ET (1245GMT), up 3.5 cents, or around 1.2%.

TRADING STRATEGY :

BUY GOLD ABOVE 1340 TGT 1345 1355 SL BELOW 1330
SELL GOLD BELOW 1330 TGT 1325 1315 SL ABOVE 1340

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News Release: Daily Comex Commodity Report of 12 September 2017 by Epic Research
Submitted on: September 12, 2017 04:38:25 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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