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Daily Gold Report


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Gold and silver exhibited some follow through from the late surge higher last week. However both June gold and July silver futuresfinished well off session highs which in my view keeps this veryrecent uptrend suspect for any further advances. A new North Korean missile launch and global cyber attacks over the weekend pushed June gold up to 1237.4 in overnight trading. This surpassed last week's high but the rally fizzled later in Monday's session. June gold finished up $2.40 to settle at 1230.1. July silver experienced a more defined rally making a daily high up at 16.81, but likegold weakened into the close settling at 16.60. Still though, silver finished the session up .20 cents posting its highest close since May 2nd. What most likely impeded the early morning rally was the continued push higher in indices, with the Dow, S&P, and Nasdaq surging higher throughout the session. We have noted that investors continue topour into equities as the risk on vibe continues off of strong earnings and decent economic data. Despite the recent slide in the Dollar and six dollar bounce in crude oil, gold and silver haven't seen any consistent buying or conviction from investors to continuously buy dips. This weekendsmissile launch in North Korea has been seeminglyshrugged off by investors so far. In Friday's commitment of traders report, the non- commercial and non- reportable trader position has a net long of 157,351 contracts whichshowed a decline of 42,891 contracts in the last week alone. For silver, the non-commercial and non-reportable positioncomes in this week witha net long of 71.091 contracts. This isa decrease of 16,945 long positions last week.In orderfor gold and silver prices to continue to rally, geo-political issues and weak economic data need to re-emerge in order for spot gold and silver to trade above key moving averages and challenge previous highs.

Technical levels come in as follows for the remainder of this week. For June gold, support sits down at 1215.7 and with a close under 1203.7 is next. Resistance is up at 1238.7 and then up at 1248.9. For July silver, support is down at 16.15 and then down at 15.90. Resistance is up at 16.56 and then up at 16.72.

Moving Averages Gold (GCM7)/Silver (SIN7)

50-1247.6/17.53

100-1228.1/17.43

200-1257.9/17.99

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.

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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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