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Daily Gold Report


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Gold and Silver finished the session higher on mostly short covering during overnight trading hours. The firing of the FBI Director by the Trump administration was most likely the cause as it spread thoughts of the administration in disarray with many pundits crying foul over the timing of the decision. However gold and silver pulled back near the close to show modest gains for the session and far from intraday highs. Both metals exhibited inverse reactions to what was happening in the Dow and S&P. As indices recovered from early morning losses, metals sold off. The bulls had to be disappointed in the late session weakness with June Gold settling below 1220.0 and July Silver below 16.25. I have consistently said that the precious metalbulls need to be continuously fed bullish news or the unwind of longpositionswill continue in the short term. Whether this FBIfiring emerges to bring aboutfurther political infighting that withdrawals activity on passage for health care and corporate tax legislation before summer remains to be seen. The reaction in equities going forward will be paramount regarding price action in gold. This again assumes nothing else erupts geo-politically. Rumors were also swirling thatNorth Korea was set for another missile launch but for now there has been no activity from the rogue nation.Its been quiet on the economic release front so far this week. However, there are some releasesthat bear attention the next few days.Thursday we have jobless claims and PPI,and on Friday we have CPI, real earnings, and retail sales to be released. Everything else aside, thoughts of a June rate hike continue to underpin the Dollar while keeping pressure on themetals.

Technical levels for the remainder of the week comes in as follows. June gold has first support at 1210.8 and below there at 1194.9. Resistance sits up at 1241.6 and then 1257.5. For July Silver, support sits down at 15.89 and below there at 15.51. Resistance is up at 16.59 and then up at 16.97.

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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