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

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

Jul Nat Gas futures finished -0.01 at 2.7 MMBtu
Aug WTI Crude Oil finished +1.01% at 61.02 bbl.
Aug Gold fell 7.70 to 1176.70 oz
Jul Silver lost 2.4% to 15.75 oz
Sept COMEX Copper up 0.0435 at 2.6145 lb

Trade in Global Markets with the World’s Leading Platform Open an account here , call us at 305 490 4116, or email us to get started.

Commentary

Tuesday, US Gold prices finished pit trade lower, the .DXY’s gainer brought the sellers to Gold and Silver.

Fed speak Tuesday, more market ‘jawboning’

Federal Reserve Governor Jerome Powell said the Fed will raise interest rates in September and again in December, if his economic growth projections prove accurate.

He then said there is a 50/50 chance his economic forecast will pan out.

San Francisco Fed President John Williams recently predicted two Fed rate increases yet this year. The past several years of easy US monetary policy have mostly worked in favor of precious metals.

Greece still on the front burner after 5 months

Greece and EU officials continue to meet to try to finalize a debt-restructuring deal. The 2 negotiating parties are closer to agreement on a deal, but more tough hurdles need to be overcome, reports said. Now, a meeting is scheduled between Greece and EU officials Wednesday. Then a Summit of EU leaders is scheduled for Thursday and Friday.

Germany does not believe a deal with Greece is imminent. Greece has a big debt payment due on 30 June, and does not have the cash to pay it.

The European Central Bank (ECB) continues to provide daily emergency cash to Greek banks, which are seeing heavy customer withdrawals of cash.

The US economic data released Tuesday had little impact on the Gold and Silver markets.

The London PM Gold Fix is 1,178.00 Vs the AM Fix at 1,183.35.

Technically speaking

Aug Gold futures prices closed near the session low Tuesday.

Gold Bulls next Northside price objective is a close above resistance at 1,200.00.

Gold Bears next Southside price objective is a close below support at 1,161.00.

1st resistance is seen at 1,180.00, then at 1,187.70.

1st support is seen at 1,175.70 then at $1,170.00.

Stay tuned…

HeffX-LTN