Return to: Finance News

Daily Comex Commodity Report of 18th December 2017 by Epic Research


Gold prices were hovering near one-week highs on Friday, as fresh concerns over U.S. tax reform plans weighed on the dollar and as markets were still digesting the Federal Reserve's latest policy statement. Comex gold futures were up $1.80 or about 0.15% at $1,258.90 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off a one-week high of $1,261.50 hit on Thursday. The greenback came under pressure after two U.S. Republican senators on Thursdaysought changes to the proposed U.S. tax reform bill. The bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats. On Wednesday, the Fed raised interest rates by 0.25 basis points to 1.50% at the conclusion of its policy meeting, in line with expectations. However, the central bank did not change its projections for 2018, which include three more interest rate hikes in both 2018 and 2019, disappointing expectations for four rate hikes next year.

Venezuelan state oil company PDVSA said late on Thursday it had begun the process of making interest payments on four of its bonds, asking investors to trust the company's "financial capacity" following repeated payment delays. The cashstrapped company has for months struggled to make timely payments on its heavily discounted bonds, in part because U.S. sanctions have made banks wary of being involved in any Venezuela-related operations. President Nicolas Maduro in November announced a restructuring of all foreign debt amid an economic crisis. Venezuela and PDVSA bonds continue to be serviced, albeit with delays. "PDVSA calls on bondholders and investors to trust the logistical, productive and financial capacity of the industry, which has fulfilled all of its commitments," PDVSA said via Twitter.

Oil prices edged up on Friday, lifted by the Forties pipeline outage in the North Sea, ongoing OPEC-led production cuts and a decline in global stocks, although rising U.S. output kept a lid on markets. U.S. West Texas Intermediate (WTI) crude futures were at $57.37 a barrel at 1137 GMT, up 33 cents, or 0.58 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $63.44 a barrel, up 13 cents, or 0.20 percent, from their previous close. The ongoing outage of the Forties pipeline, which carries North Sea oil to Britain, was the main price driver, traders said. While the pipeline outage physically mostly affects the North Sea region, it is of global relevance as the crude it supplies is part of the deliveries that underpin the Brent price benchmark. "If the duration of the outage is for several weeks it should put upward pressure on the Brent price," Jefferies said in a note.


BUY GOLD ABOVE 1260 TGT 1265 1275 SL BELOW 1250
SELL GOLD BELOW 1245 TGT 1240 1230 SL ABOVE 1255

Epic Research Limited is a leading financial advisory services provider firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock tips, commodity 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.

mail us @

Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 452 ...

News Release: Daily Comex Commodity Report of 18th December 2017 by Epic Research
Submitted on: December 18, 2017 04:48:38 AM
Submitted by: EpicResearch
On behalf of: