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The Weekly Gold Report


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Gold futures finished the session a hair under 1250.0 an ounce Wednesday settling at 1249.7. Today's settle puts the yellow metal up $19.70 for the week so far and the rally can be mostly attributed to safe haven buying in my opinion. S&P and Dow futures have suffered their worst weekly losses of 2017 this week, with technicians warning of a downside breakout for both indexes on the charts. The reason for the recent weakness stems from increased investor sentiment of the President's health care law failing passage in both the House and Senate. The failure to repeal and replace Obama care would raise eyebrows on other expected pieces of legislation regarding corporate tax and other pro business initiatives that some investors have already priced in. The continuation rally that started prior to the Fed meeting in Gold continues to need to be fed by risk off sentiment in stocks, amid geo-political events and global economic uncertainties going forward. Given the uneasiness and unpredictability of the current administration in Washington, that without a return to previous all-time highs in equities, that any future dips in Gold and Silver going forward will be seen as buying opportunities.

Technically, support for April gold comes in for the remainder of the week at 1243.8 and with a close under, next support sits at 1220.3. Resistance is up at 1257.3, and then 1264.9. A close over here sets up 1288.0 as the next target to the upside.

For those interested I hold a weekly grain webinar each Thursday at 3pm. It is free for anyone who wants to sign up and link for sign up is below. If you cannot attend live a recording will be sent to your email upon signup.

Sign Up Now

Sean Lusk

Director Commercial Hedging Division

Walsh Trading

312 957 8103

888 391 7894 toll free

312 256 0109 fax

slusk@walshtrading.com

www.walshtrading.com

Walsh Trading

53 W Jackson Suite 750

Chicago, Il 60604



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About the author


Sean Lusk is a registered commodity broker and Director of the Commercial Hedging Division of Walsh Trading in Chicago. Sean began in the business as a runner on the trading floor during summer breaks from college in 1993. Upon his graduation from Southern Illinois University at Carbondale in 1996, Sean began his career on the trading floor of the Chicago Mercantile Exchange (CME). Overseeing billions of dollars of transactions working as a clerk in the Eurodollar pit, Sean took the next step and became a floor broker and member of the CME in 2003. He handled customer orders for banks and investment houses from all over the world from inside the Libor pit at the CME.

Now, at Walsh Trading, Sean utilizes his experience in the marketplace and his professional client service skills to aid and assist customers in their trading endeavors.  

He writes daily and weekly commentaries focusing on both the Precious Metals and Agricultural Markets along with related market activity.

Sean has been quoted in various media outlets discussing futures markets. 

These include:

 

  • Futures Magazine
  • Reuters
  • Forbes
  • Kitco
  • Nikkei Press
  • CCTV.com

 

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