Gold, Copper Up, Crude Oil, Nat Gas And Silver Down

Gold, Copper Up, Crude Oil, Nat Gas And Silver Down

$GLD, $SLV, $JJC, $USO, $UNG

• Aug WTI Crude Oil fell 0.06 Friday to 59.67 bbl
• Aug Nat Gas fell 0.08 to 2.77 MMBtu’
• Aug Gold finished + 1.40 at 1173.20 oz
• Jul Silver fell 0.07 to 15.73 oz
• Jul COMEX Copper +0.03 to 2.65 lb

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Commentary

For the 4th week running, the Wall Street vs Main Street Weekly Gold Survey shows most retail participants are still Bearish the Gold market after it was unable to break through the psych mark at 1,200 oz.

Market professionals have a slightly Bullish bias, with some expecting prices to bounce higher but within the current trading range.

This week, 292 people participated in the online survey.

Of those 140 participants, or 48%, are Bearish Gold next week; 115 people, or 39%, are Bullish, and 37 people, or 13%, are Neutral.

The results of the professional survey were closer.

Out of 33 market experts contacted, 19 responded; of those, 7 participants, or 37%, are Bullish Gold next week, 6 experts, or 31%, see lower prices Bearish, and 6 people, are Neutral.

Market participants include bullion dealers, investment banks, futures traders and technical analysts.

Growing pessimism in the market appears to be weighing on the Gold market as even optimistic market professionals are tempering their short-term forecast.

Next week the economic data is expected to support the view that the Fed will be able to raise interest rates in September, strengthening the USD.

Have a terrific weekend.

HeffX-LTN

Paul Ebeling

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