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Daily Gold Report


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For the gold and silver bulls this calendar year the Trump administration has been the gift that keeps on giving in my opinion as the market continues to holdyearly gains.I have been mentioning in previous posts here that for gold and silver to reverserecent downward price direction, that the precious metal sector would needa continuation of being fedbullish news. Whether it was in the form of physical demand or a geo-political event, the market needed something to stem the tide of lower price action that looked unrelenting as of last week. Recent developments at the White House concerning the President's handlingof the James Comey firingand very recent reports of the President potentially obstructing the investigation into the former National Security Advisor over Russian ties has finally had an effect in the stock market. As of this post, the stock market has suffered major losses posting its biggest percentage down day for 2017.Consequently fear gauges like the VIX and precious metal sectorare soaring. Gold and Silver have posted impressive gains. June gold futures settled up $22.30 to settle at 1258.7. Today's settlement pushed gold above the 50, 100, and 200 day moving average which could ignite more buying from technicians in my view. July silver posted a 16 cent gain to close at 1690.5 after briefly trading above 17.00 earlier in the session. The U.S. Dollar also moved lower and remains under pressure as talk that a June rate hike that all but seemed certain from the last FOMC meetinga few weeks prioris now up in the air. In fact the Fed Fund Futures rate curve has flatteneddramatically as increased bets of no rate hike have increased. Clearly its no secret to many that with all the leaking from White House and Trump administration officials that there is disarray among the Presidents closest advisors. As a result there has been a lot of noise in the market about impeachment proceedings coming down the road. Its important to note that the market trades fear before fact and with Congress ordering further probes into the Comey-Trump-Russian investigation it appears meaningful legislation on health care, taxes, and trade will shift to the back seat for the foreseeable future potentially creating further uncertainty among the investment community. Its this uncertainty that in my view should prevent any major setbacks in price for both gold and silver going forward.

Daily Swing #s GCM7 (June Gold)and SIN7 (July Silver)for 5/18/17

R2-1276.0/1717.8

R1-1267.3/1704.1

Pivot- 1251.8/1689.8

S1-1243.1/1676.1

S2-1227.6/1661.8

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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