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Daily Gold Report

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Gold prices rose to a seven-week high on Tuesday to close at 1279.4 basis December futures, after U.S. economic data showed lukewarm inflation and nearly flat consumer spending, raising the question of whether the Federal Reserve will raise interest rates in the coming months. Also ameasure of U.S. factory activity fell from a near three-year high in July.Today’s U.S. economic data in my view favored those who would rather see the Federal Reserve raise interest rates later rather than sooner. The key report of the week for the marketplace will be Friday’s U.S. jobs report for July from the Labor Department. The non-farm payrolls number of that report is expected to be up 180,000. If Friday’s non-farm jobs number is also a miss to the downside, it could make the Fed rethink any plans for another rate hike in 2017 or at least in the next few months.World stock markets were mostly higher Tuesday, boosted in part by upbeat corporate earnings reports and upturns in several commodity markets. The fact gold prices have performed well the past couple weeks, in the face of record highs set in the U.S. stock indexes, could bode well for the gold market longer term. However, I expect to see some back and fill ahead of key job data Friday. Unless an unforeseen geo-politcal event enters into the market, I look for December gold futures to potentially test the weekly pivot number at 1265.1 prior to the jobs report. Should this level hold look to be a buyer with a near term target at 1287.0 basis December futures. For September silver, look for a pullback to 1657.6, which is also weekly pivot. Should the selling ebb at this level, look for a rally to 1692.7. Of course both projections would benefit most from a tepid jobs number that would stymie any rally in the Dollar.

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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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