Gold, Silver, Copper Up, Crude Oil Down, Nat Gas Unchanged
$GLD, $SLV, $JJC, $USO, $UNG
Aug Gold up 2.30 at 1,183.30 oz.
Jul Silver up 0.095 at 16.06 oz
Sept COMEX Copper +0.10 at 2.6185 lb
Jul WTI Crude Oil – 0.15 at 59.77 bbl
Jul Nat Gas Unch at 2.86 MMBtu
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Commentary
US Gold prices finished pit trade higher Wednesday, as .DXY weaken following the FOMC statement giving Gold and Silver a lift.
The FOMC statement said US economic growth improving, and giving nothing specifics on the timing of any US interest rate hike.
Savvy Fed watchers did not expect the FOMC to raise interest rates Wednesday, but project September or later.
European stock markets finished lower Wednesday on worries about Greece defaulting on its debt obligations to the EU and International Monetary Fund (IMF).
The European Central Bank Wednesday authorized more emergency loan money to Greece. Greece-EU debt negotiations broke down Sunday. Greece’s PM is now talking a hard line against the EU and IMF making the situation dire.
The Greek central bank Wednesday warned of an “uncontrollable crisis” if the debt talks ultimately fail. Greek bond yields have been driven above 29% for the 2-yr Note. The market sees Greece defaulting on its debt payments.
The London PM Gold Fix is 1,178.00 Vs the London AM Fix at 1,178.50.
Technically speaking
Aug Gold futures prices finished near the session high.
Gold Bulls next Northside objective is a close above Key resistance at 1,200.00.
Gold Bears next Southside objective is a close below support at 1,161.00.
1st resistance is seen at 1,187.40, then at 1,191.80.
1st support is seen at 1,173.90, then at 1,171.90.
Stay tuned…
HeffX-LTN
Paul Ebeling
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