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Daily Comex Report of 7 March 2018 by Epic Research

International Commodity News

Gold prices extended gains on Tuesday, as the U.S. dollar pushed lower amid growing uncertainty over potential U.S. tariffs on steel and aluminum imports. Comex gold futures were up 0.81% at $1,333.6 a troy ounce by 08:30 a.m. ET (12:30 GMT). Investors remained cautious as U.S. President Donald Trump faced growing pressure to pull back from proposed steel and aluminium tariffs. Trump reacted by stepping up pressure on Mexico and Canada, saying he would lift planned tariffs on steel imports if they signed a new version of the North American Free Trade Agreement, or NAFTA. The tariffs, announced last week, had sparked concerns over a potential trade war, which would have a negative impact on the U.S. economy. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.41% at 89.58, the lowest since February 26.

Crude oil prices rebounded on Tuesday, supported by news global oil demand should outpace production and as traders awaited this week's U.S. supply data. The U.S. West Texas Intermediate crude April contract was up 20 cents or about 0.30% at $62.76 a barrel by 10:00 a.m. ET , the highest since February 28. Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London gained 25 cents or about 0.40% to $65.80 a barrel, also the highest since February 28. Market participants were eyeing the weekly report by the American Petroleum Institute on U.S. oil supplies due later Tuesday. Official data by the U.S. Energy Information Administration was expected on Wednesday. Oil prices found support after the International Energy Agency said on Monday that global oil demand was expected to grow in the next five years, while output from producers in the Organization of the Petroleum Exporting Countries would rise at a much slower pace.

Natural gas futures climbed to their highest level in around four weeks on Tuesday, boosted by forecasts for a bump in late-winter heating demand. Front-month U.S. natural gas futures tacked on 2.4 cents, or around 0.9%, to $2.728 per million British thermal units (btu) by 8:20AM ET (1320GMT). It rose to its best level since Feb. 7 at $2.735 earlier in the session. The commodity notched a small gain of around 0.3% on Monday, as updated weather forecasting models showed colder weather lingering over the eastern U.S. through mid-March. Despite recent gains, market experts warned that futures are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed. Natural gas prices are down nearly 25% since late January amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.

Trading Strategy:

BUY GOLD ABOVE 1340 TGT 1335 1345 SL BELOW 1330
SELL GOLD BELOW 1330 TGT 1325 1315 SL ABOVE 1335

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News Release: Daily Comex Report of 7 March 2018 by Epic Research
Submitted on: March 07, 2018 04:31:26 AM
Submitted by: EpicResearch
On behalf of: