Gold Down, Silver, Copper, Crude Oil, Nat Gas Up
$GLD, $SLV, $JJC, $USO, $UNG
- WTI Crude Oil ended + 1.16 at 52.78 bbl
- Aug Nat Gas rose 0.04 to 2.72 MMBtu
- Aug Gold fell 3.90 to 1159.60 oz
- Sept Silver finished +0.015 to 15.35 oz
- Sept COMEX Copper gained 0.04 at 2.54 lb
Commentary
Gold prices finished pit trade lower Thursday. That prompted more participant risk appetite, Bearish for safe-haven Gold.
Gold pushed above unchanged Thursday when US jobless claims rose to 294,000 in the latest reporting week, which was more than expected. However, those minor gains for Gold did not hold.
China’s stock market rallied sharply Thursday. This somewhat assuaged market worry regarding the world’s 2nd-largest economy. Still, by the end of the Summer, or sooner, China’s stock/financial/economic problems will likely be on the front burner in the market.
Negotiations between Greece and the EU/IMF are continuing this week with still no deal reached. Greece wants a new 3-yr bailout package as its banks are running out of cash.
European Central Bank (ECB) officials are now being quoted as saying odds have increased that Greece will exit the European Monetary System. Greece must come up with an EU-acceptable plan Sunday. European stock markets were higher Thursday, as the Greece matter is becoming old news.
The Bank of England (BOE) as expected kept its monetary policy steady at its latest regular meeting Thursday.
The London PM Gold Fix is 1,164.25 Vs the prior AM Fix of 1,162.10.
Technically speaking
Aug Gold futures prices closed near the session low Thursday.
Gold Bulls next Northside objective is a close above the resistance at 1,174.40.
Gold Bears next Southside objective is a close prices below the support at 1,143.80.
1st resistance is seen at 1,166.90, then 1,170.00.
1st support is seen at 1,155.10, then 1,150.00
Stay tuned…
HeffX-LTN
Paul Ebeling
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