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Daily Gold Report

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Gold futures grinded higher throughout the session as geo-political issues regarding the Trump administration and North Korea again have investors re-emerging on the long side of the market. June Gold futures pushed above the 1260 level to settle at 1261.40, up $7.80 for the session. July silver futuressaw huge gains gaining just shy of .40 cents to settle above 17.00 at 1719.0. June gold was able to push and settle above the 200 day moving average at 1255.0 It remains to be seen if technicians take notice ahead of some key economic data and testimonylater this week. First, former FBI head James Comey is scheduled to testify in front of the House Intelligence Committeeon Wednesday, while later in the day the FOMC minutes from the last Fed meeting are to be released. Both events could have major ramifications for the equities and the Dollar going forward. As of May 16th, non-reportable and non commercials held a net long in gold at 138,166 contracts. For Silver, the long position was put at 58, 631 contracts. This illustrates the massive withdrawal wehave in price for both metals as both metals had significant higher long positions in the market. This number may be understated now given the data was counted as of the16th. To keep going, gold and silver will need catalysts to move higher. Despite the Dollar being weak, equities remain bid where last weeks gaps were filled to the upside. Gold would benefit most from positive demand news aside from safe haven buying. One story that could aid gold demand is the anticipation of the Indian governmentreducing import duties on gold purchases by its citizens and jewelers. Such a move could be a market mover as India,considered to be the number one buyer of gold in the world, could alter market psychologyas far as demand is concernedahead of Indian wedding season late summer/fall.

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

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


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