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Daily Gold Report


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After nearly hitting a three week low June gold futures finished the day near unchanged at 1257.0.Today's tight range of only $6.20 for June futures indicates thatinvestors are faced withsome major data points in the next few days and therefore are awaiting the results. The data points arehighlighted by tomorrow's FOMC rate decision and the non farm payroll number on Friday. No change is expected from the Fed concerning rates for tomorrow's announcement. Investors rather will be most interestedon when the Fed might tighten monetary policyfor the second rate hike this year. Remarks on inflation, jobs, and economic growth could result in higher volatility for the remainder of the week. So far this week money flow into equities has been the theme as strong earnings results and low volatility are drawing money out of gold and silver and into stocks. Clearly, geo-political concerns have taken a short term back seat in investors minds as todays settlement in gold has the front month June contract down $11.00 for the week already. July silver futures finished lower for today which pushed its losing streak to twelve straight sessions. In that time, Silver which posteda new yearly 2017high at 1865.5 on April 17th, has lost $185.50 per ounce or ten percent of value in a very short time. Needless to say the market is becoming oversold on the daily chart per the relative strength index. Fundsare still carryingsignificant long metalspositions into this week so some continued back and fill has occurred. Precious metal bulls need to hear dovish Fed commentary along with a tepid jobs report Friday to finish the week higher in my view.

Technical swing numbersfor the remainder of the week come in as follows for both June Gold and July Silver. For June Gold, support comes in at 1250.3 and then down at 1241.6. Resistance is up at 1278.5 and then up at 1288.9. Fro July Silver support is at 1664.6 and then down at 1644.5. Resistance is up at 1695.2 and then up at 1749.1

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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