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Daily Gold Report


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Gold continued its ascent Tuesday posting solid gains to end the month. Gold has finished lower for the month ofMay the last five years but today's rally broke that streak showing modest gains month on month of just over $3.00. What is more impressive is that gold has rallied over $57.00 since making a monthly low of 1214.3 on May 9th. Geo-political chaos in Washington, North Korea, and Europe can be cited for the mass rebound in price as investors have poured back in both gold and silver as asafe haven investment. Today's rally of $9.70 basis August futures and the rally from mid-month comes in the face of an impending rate hike later this June by the FOMC and the fact that equities remain firm and seem poised to make new highs. Whathas aided the gold bulls thoughhas been a weaker greenbackfor most of May. Commentary by the Fed intheir"minutes" release last week signaled thata rate hike was coming, but for most investors was already priced. However the near term focus will be centered on Friday's job report and any surprises versus expectations there. Although we have many Fed Governors speaking in the next few days, it will be the job data that will determine market direction into the weekend. The non-farm payroll number is forecasted to come in around 210,000.

Technical's for the remainder of the week come in as follows. For August gold, support comes in at 1257.4 and with a close below 1243.4. Resistance comes in at 1278.9, and with a close over 1286.4. For July silver, support comes in at 17.18, and then down at 16.98. Resistance comes in at 17.52 and then at 17.72.

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



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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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