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Daily Gold Report


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Gold and Silver futures took a respite from their post unemployment rally as equities again held their ground while the U.S. Dollar finished slightly higher. A big drop incrude oil and gasolineprices potentially spilled into the precious metals sector as there was a reluctance by buyers to push front month gold futures above 1300.0 and ounceand deferred contracts in silver above the $18.00 threshold. Most importantly in my view today's trade featured some light profit taking ahead of key potential market moving events Thursday. These include general elections in the United Kingdom, a European Central Bank meeting, and former FBI Director Comey testifying in front of Congress. There has been ongoing general uneasiness about the Trump administration and possible ties to Russia's alleged hacking into the last presidential election. Surprises to any of these events tomorrow can have obvious effects on equities and the Dollar that obviously will have ramifications for gold and silver. Since last Friday's disappointing non-farm payroll number, we have seen three daysof fund buying or the re-emergence of fund buying as Gold was previouslytesting the 1260 level and forsilver the 17.00 level, justprior to the non- farm payroll numbers release. The paltry jobs number of just 138K jobs added and revisions to the prior months number told investors that it could be a one and done for awhile on quarter point rate hikes by the FOMC in subsequent meetings. Aside from this geo-political events over the weekend in the Arab world along withterrorist attacks in London and France have traders buying dips in metals heading into Thursday's data. Simply put since Friday morning the market has witnessed three days of fund buying followed by light profit taking. In my view the key going forward will be the reaction in equities to all of these data points. Should equities hold along with the Dollar, I would suspect some further back and fill eventually for the metals. If equities plunge look for gold to at least take out 1300.0 and for silver to eventually challenge 18.00.

Technical's for both July Silver and August Gold comes in as follows. For July Silver support is down at 1736.3 and then down at 1714.6. Resistance is up at 1774.1 and then 1795.8. For August gold support is down firstat 1274.5 and then 1263.5. Resistance is up at 1295.6 and then up at 1322.0.

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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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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