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Daily Comex Report of 9 March 2018 by Epic Research

International Commodity News

Gold prices slipped lower on Thursday, as the dollar showed little reaction to downbeat U.S. data amid sustained uncertainty over U.S. President Donald Trump's proposed tariffs. Comex gold futures were down 0.14% at $1,325.70 a troy ounce by 08:40 a.m. ET (12:40 GMT), after rising to 1,329.8 earlier in the day. The U.S. Department of Labor reported on Thursday that initial jobless claims increased by 21,000 in the week ending March 3 to 231,000, compared to expectations for a 10,000 rise to 220,000. Meanwhile, U.S. President Donald Trump was expected to give more details later Thursday on his plans to impose tariffs of 25% on steel imports and 10% on aluminum imports in a recommitment to his nationalist trade agenda. Market sentiment waned after Trump's economic adviser Gary Cohn announced his resignation on Tuesday. The decision was said to have been made following a disgreement between Cohn and the U.S. President over the import tariffs.

Crude oil prices turned lower on Thursday, as traders were still digesting the previous session's downbeat U.S. supply data amid sustained fears over a global trade war. The U.S. West Texas Intermediate crude April contract was down 37 cents or about 0.61% at $60.80 a barrel by 09:55 a.m. ET (12:55 GMT), off session highs of $61.40. Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London declined 45 cents or about 0.70% to $63.89 a barrel, after rising to $63.88 earlier in the day. The U.S. Energy Information Administration reported on Wednesday that crude oil inventories rose by 2.408 million barrels for the week ended March 2. While that was below expectations for a rise of 2.723 million barrels, it was the second-straight weekly build in crude stockpiles, adding to concerns that rising U.S. output could dampen global efforts to rid the market of excess supplies. The International Energy Agency upwardly revised U.S. oil output growth earlier in the week, saying the country would be producing a total of nearly 17 million barrels per day (bpd) in 2023.

The U.S. Energy Information Administration said in its weekly report thatnatural gas storage in the U.S. fell by 57 billion cubic feet in the week ended March 2, while analysts had forecast a decline of 58 billion. Thursday’s data compared with a draw of 78 billion cubic feet (bcf) in the preceding week and represented a decline of 680 billion from a year earlier and was also 300 bcf below the five-year average. Total U.S. natural gas storage stood at 1.625 trillion cubic feet, 29.5% lower than levels at this time a year ago and also 15.6% below the five-year average for this time of year. After the report, natural gas for delivery in April on the New York Mercantile Exchange fell 2.5 cents, or about 0.9%, to trade at $2.752 per million British thermal units by 10:34AM ET (15:34GMT).

Trading Strategy:

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1315 TGT 1310 1300 SL ABOVE 1325

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News Release: Daily Comex Report of 9 March 2018 by Epic Research
Submitted on: March 09, 2018 05:25:38 AM
Submitted by: EpicResearch
On behalf of: