Daily Comex Report of 23 April 2018 by Epic Research

International Commodity News

The WTI Crude Oil market has pulled back a bit during the week, only to turn around and show signs of support and form a hammer. The hammer of course is a bullish sign and I think that the market should continue to go higher, perhaps reaching towards the psychologically important $70 level. If we can break above there, and it looks like we may, then it starts to target the $72.50 level. I believe the pullbacks will continue to find support underneath that the uptrend line and breaking above the top of the ascending triangle is also a good sign. If we break down below the uptrend line, then it’s time to start selling. Brent markets also pulled back initially during the week, reaching towards the $70 level. We turned around to form a hammer though, and it looks as if we are ready to continue going higher.

Gold prices remained on course to snap a two-week winning streak as safe-haven demand faded amid easing geopolitical concerns, while continued dollar strength added to downside momentum. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange fell by $9.90, or 0.73%, to $1,338.90 a troy ounce. Gold prices remained close to their session lows of $1,337.10 as the dollar continued to gather momentum boosted by slump in the Canadian dollar and sterling, while the ongoing rise in 10Y yields above 2.9% also supported sentiment. Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion. Falling safe-haven demand, which had supported a strong uptick in the gold prices last week continued to ebb as a meeting between U.S. President Donald Trump and Japan Prime Minister concluded without a hitch.

Crude oil prices settled at nearly three-and-a-half year highs as the Joint Ministerial Monitoring Committee confirmed OPEC and its allies compliance with the deal to curb production rose to its highest ever, further stoking expectations for market rebalancing later this year. On the New York Mercantile Exchange crude futures for May delivery rose 9 cents to settle at $68.38 a barrel, while on London's Intercontinental Exchange, Brent rose 0.22% to trade at $73.94 a barrel. Crude oil prices settled higher, shrugging off earlier weakness which followed a tweet from U.S. President Donald Trump, in which he suggested that OPEC was keeping oil prices artificially high, insisting that it would not be accepted. A jump in the number of oil rigs operating in the U.S. to the highest level in three years, pointing to an expansion in U.S. output, meanwhile, had a subdued impact on oil prices in the wake of continued optimism on oil prices.

Trading Strategy:

BUY GOLD ABOVE 1345 TGT 1355 1370 SL BELOW 1335
SELL GOLD BELOW 1325 TGT 1315 1300 SL ABOVE 1335

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