MAKE MONEY BLOG$;Kitco News -Comex gold futures prices ended the U.S. day session moderately lower Thursday, while silver prices were slightly lower. The Greek debt crisis appears to have stabilized for the moment, which made for calmer markets and better investor risk appetite, and that pulled away some interest in the safe-haven precious metals.
Thursday is the last trading day of the month and of the quarter, and portfolio managers were also likely more active in position adjustments, which also likely put some downside pressure on the metals. August gold last traded down $8.70 an ounce at $1,501.70. Spot gold last traded down $10.60 an ounce at $1,501.75. July Comex silver last traded down $0.11 at $34.64 an ounce.Now that the Greek parliament has passed the very unpopular austerity measures the world market place is looking at other matters, such as some recent better economic data coming out of Japan earlier this week and some slightly better U.S. economic data Thursday. That also served to somewhat lift investor spirits. However, the Greek debt crisis has not just gone away and there are other European Union countries that have serious debt problems to address, too.
In an interesting aside, it was reported Thursday that Greece’s central bank bought 1,000 ounces of gold in May.
The U.S. dollar index traded weaker again Thursday and that did limit the downside in the precious metals. The greenback bulls are fading badly. Some hawkish comments from European Central Bank president Trichet, suggesting another ECB interest rate hike forthcoming, helped to boost the Euro currency and pressure the dollar index Thursday. The dollar index remains in an overall technically bearish posture, which is an underlying bullish factor for gold and silver.
Crude oil prices traded not far from unchanged levels Thursday. However, crude oil bulls this week have gained some fresh upside near-term technical momentum to begin to suggest that a market low is in place, as prices moved above $95.00 a barrel on Wednesday. If crude can continue to recover from this week’s six-month low seen earlier this week, that would also be a bullish underlying factor for the metals.
The London P.M. gold fixing was $1,505.50 versus the previous P.M. fixing of $1,504.25.
Technically, August gold futures prices closed near the session low Thursday. Gold bulls still have the overall near-term technical advantage. Bulls’ next near-term upside technical objective is to produce a close above strong technical resistance at $1,530.00. Bears’ next near-term downside price objective is closing prices below solid technical support at this week’s low of $1,490.80. First resistance is seen at Thursday’s high of $1,514.80 and then at $1,520.00. First support is seen at $1,500.00 and then at Tuesday’s low of $1,495.50. Wyckoff’s Market Rating: 6.0.
July silver futures prices closed near mid-range Thursday. Prices are still in a four-week-old downtrend on the daily bar chart. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $33.38. Bulls’ next upside price objective is producing a close above solid technical resistance at last week’s high of $36.77 an ounce. First resistance is seen at Thursday’s high of $35.14 and then at $35.42. Next support is seen at Thursday’s low of $34.45 and then at $34.00. Wyckoff’s Market Rating: 5.5.
July N.Y. copper closed up 545 points 426.40 cents Thursday. Prices closed nearer the session high and hit a fresh two-month high. Prices also closed at a bullish monthly high close Thursday. The weaker U.S. dollar index helped to boost copper today, as did some stronger economic data from Japan and the U.S. The bulls have fresh upside technical momentum. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 435.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 410.00 cents. First resistance is seen at today’s high of 427.40 cents and then at 430.00 cents. First support is seen at 425.00 cents and then at 421.25 cents. Wyckoff’s Market Rating: 6.5.
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sorce: forbes.com
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