Gold, Silver, Crude Oil, Down, Nat Gas Up, Copper Flat
$GLD, $SLV, $JJC, $USO, $UNG
- Aug WTI Crude Oil finished Thursday -0.50 at 59.73 bbl.
- Jul Nat Gas rose 0.09 to 2.85 MMBtu.
- Aug Gold down 0.80 to 1171.80 oz.
- Jul Silver lost 0.06 to finish at 15.80 oz
- Jul COMEX Copper ended Unch at 2.62 lb
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Commentary
Thursday, US Gold prices finished pit trade flat to unchanged. The Bears are in control this week
The Greece-EU debt restructuring/bailout talks are the topic of discussion, the talks are down to the 11th hr. Reports said Greece and its lenders are submitting 2 drafts to a summit of EU leaders in Brussels taking place Thursday and Friday. Germany says the Greece’s proposals do not go far enough on austerity measures. Greece’s present arrangement with its EU/IMF creditors expires on 30 June, at which time Greece will run out of cash and be in default on its loans.
China’s central bank injected liquidity into its financial system Thursday, for the 1st time in over 2 months. The move is meant to lower borrowing costs for consumers and businesses. Markets paid little attention to the news reading nothing into the PBOC’s move..
The London PM Gold FIX is 1,172.65 Vs the London AM Fix at 1,174.60.
Technically speaking
Aug Gold futures prices closed near the session low.
Gold Bulls next Northside objective is a close above resistance at 1,190.00.
Gold Bears next Southside objective is a close below support at 1,162.10.
1st resistance is seen at 1,177.30, then at 1,180.00.
1st support is seen at 1,168.10, then at 1,162.10.
Stay tuned…
HeffX-LTN
Paul Ebeling
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