Gold, Silver, Crude Oil, Nat Gas Down, Copper Up
$GS, $SLV, $JJC, $USO, $UNG
- WTI Crude Oil sold off losing 2.50 to 56.94 bbl.
- Aug Nat Gas fell 0.05 to 2.78 MMBtu.
- COMEX Copper + 0.02 to 2.63 lb,
- Aug Gold down 2.60 to 1169.20 oz
- Sept Silver off 0.05 at 15.57 oz
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Commentary
Wednesday, US Gold prices finished pit trade lower, A firmer .DXY was negative for the precious metals markets.
The Greece government did not make the debt payment Tuesday and is now in default on its loans from the International Monetary Fund and European Union.
There is not high anxiety in the market place from the events surrounding Greece and Puerto Rico debt problems yet.
Participants see Greece as a very small player in the world markets, still there remains the risk of a financial market contagion suddenly developing. So market participants are cautious.
Participants are focused on Thursday’s US employment report for June from the Labor Department. The Key NFPs (non-farm payrolls) number of the report is expected to come in at up around 230,000.
Some markets could get active if it is a big miss on the non-farms number. See trading as light Thursday as traders hit the exit for the long 4th of July holiday weekend.
The London PM Gold Fix is 1,168.00 Vs the AM Fix at 1,171.70.
Technically speaking
Aug Gold futures prices mid-range Wednesday. Gold prices are in a 6 wk downtrend on the daily.
Gold Bulls next Northside objective is a close above resistance at 1,187.60.
Gold Bears next Southside objective is a close below support at 1,162.10.
1st resistance is seen at 1,174.40, then at 1,180.00.
1st support is seen at 1,165.40,then at 1,162.10.
Stay tuned…
HeffX-LTN
Paul Ebeling
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