Copper Up, Gold, Silver, Crude Oil, Nat Gas Down Friday
$GLD, $SLV, $JJC, $USO, $UNG
- Jul WTI Crude Oil traded down 1.3% to 59.93 bbl
- July Nat Gas closed -2.8% to 2.75 MMBtu
- Aug Gold ended -0.1% at 1179.30 oz
- Jul Silver finished -0.7% at 15.84 oz
- COMEX Copper closed +0.4% to 2.68 lb
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Commentary
Despite renewed selling pressure late in the week, the Gold market held and closed in the Green Friday ending three consecutive weeks of negative closes.
Confidence is not high that Gold will be able to garner solid momentum next week as analysts expect the market to be caught in a tug of war between an uncertain geopolitical outlook in Europe and expectations that the Fed will solidify expectations for an interest rate hike in September.
Gold’s inability to retest Key resistance at 1,200 has created pessimism in the market.
Wall Street vs Main Street Weekly Gold Survey, investors and market professionals are overall Bearish.
In the online survey, 421 people voted and of those 297, or 71%, said they were Bearish Gold short-term; 75 participants, or 18%, were Bullish and 49 people, or 12%, Neutral.
The results of the professional survey were conclusive too.
Out of 34 market experts contacted, 20 responded: 47% Bearish, 25% Bullish and 15% are Neutral Gold.
Market participants include bullion dealers, investment banks, futures traders and technical analysts.
Economists and analysts are not expecting the Fed to reveal any new Key insights in economic growth, and that could be good news for Gold. It might end driving to the top of its current trading channel.
The US economy is growing but not enough to cause the Fed to raise rates. The Fed will remain data dependent and the Gold market will now take a wait-and-see approach.
Have a terrific weekend.
HeffX-LTN
Paul Ebeling
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