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Weekly Gold Report

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Junegold and July silver futures posted solid gains this weekas political headlines stole theshow across the commodity sector. For the week June gold settled at 1253.6, up $25.90 for the week while July silver settled at 16.795 to finish 39 cents for the week. Reports from the New York Times and Washington Post detailing potential interference from the President involving the investigation of former National Security advisor Flynn by the FBI over Russian ties created safe haven buying in the metals this week. As a result equities were pounded this week as well as the greenback as there was a lotof noise in the market concerning a potential impeachment of the President that could be in the offing. Recent liquidations of long positions in both gold and silver ceased this week as open interest in gold and silver increased as new longs re-entered into the market on safe haven buying. After settling above key moving averages at mid-week, gold was unable to see any technical follow through and ended the week settling below the key 200 day moving average at 1255.0 basis June futures. The market has become headline driven due to the political chaos in Washington as technicals for now have taken a back seat to headlines and noise. This was no more evident when Gold settled above the 50, 100, and 200 day moving averages onWednesday along with technical areas of weeklyresistance. However as stocks recovered off of a story that former FBI Director Comey in prior congressional testimony revealed that there had been no pressure from the White House on any investigation on Russian ties to anyone in the President's inner circle, stocks summarily resumed their uptrend and the safe haven buying that ignited gold and silver higher subsided. Its my purview that the investment community going forward will view any further dips in metals as a buying opportunity even though the probability ofa June rate hike still seems priced in for now. Weakness in the Dollar and the never ending headlines that continue to dog the Trump administration should keep a floor onmetalsprices for the time being.

Heading into next week investors will be watching the release of the FOMC minutes from their last meeting on Wednesday afternoon and the potential testimony of former FBI Director Comey in front off the House Oversight Committee. Economic data is highlighted by home sales, manufacturing data, and the second reading of first quarter GDP. Technical weekly swing numbers come in as follows for both June gold and July silver. Support for June gold comes in at 1232.0, and with a close under 1210.3 is next. Resistance is up at 1270.2 and with a close over 1286.7 is next. For July silver, support is down at 1645.7 and with a close under 1612.1 is next . Resistance is up at 1708.2 and with a close over 1737.1 is the next level 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.

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Sean Lusk

Director Commercial Hedging Division

Walsh Trading

312 957 8103

888 391 7894 toll free

312 256 0109 fax

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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


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