Crude Oil, Nat Gas Up, Gold, Silver And Copper Down
$GLD, $SLV, $JJC, $USO, $UNG
- Aug Crude Oil finished up 1.12 at 59.44 bbl
- Aug Nat Gas rose 0.02 to 2.83 MMBtu
- Aug Gold fell 7.30 to 1171.80 oz
- Sept Silver down 0.08 to 15.62 oz
- COMEX Copper -0.02 to finish at 2.61 lb
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Commentary
Tuesday, US Gold prices finished pit trade lower. A stronger .DXY and the Bearish technical picture for Gold saw sellers in control.
Tuesday is the last trading day of the month and of the Quarter, it is technically significant when a market closes at or very near its monthly or Quarterly high or low for that frame.
There are rumors that the Greek PM may have a late change of heart and accept an EU’s deal. Greek banks are closed and Greece’s PM has called for a 5 July referendum on new austerity measures..
European stock markets finished lower again Tuesday on the Greece worries. But the US stock indexes bounced Tuesday. Remember, the markets are fickle, and participants could see Tuesday’s calm change to fear by Wednesday or Thursday.
The London PM Gold Fix is 1,171.00 Vs the London AM Fix of 1,175.00.
Technically speaking
Aug Gold futures prices closed mid-range Tuesday, and prices are in a 6-week downtrend on the daily.
Gold Bulls next Northside objective is a close above resistance at 1,187.60.
Gold Bears next Southside objective is a close below support at 1,162.10.
1st resistance is seen at 1,180.00, then at 1,187.60.
1st support is seen at 1,165.40, then at 1,162.10.
Stay tuned…
HeffX-LTN
Paul Ebeling
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