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Daily Gold Report


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Gold futures held steady today as equities weakened and the Dollar gave back all of the previous days gains. December gold gained $3.70 to close the session at 1294.7, while September silver gained 6.5 cents to close at 1704.5. There seems to be a small pause in the market ahead ofthe annual central bankers meeting held in Jackson Hole, Wyoming, that begins Thursday and ends Saturday. Featured speakers from around the world include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. Traders and investors will closely examine the Jackson Hole speeches for any clues on future monetary policy moves by the world’s major central banks. Incendiary commentary by the President in the last 24 hours over a potential government shutdown and an unwinding of the NAFTA trade agreement have kept this market bid along with new sanctions against North Korea. However geopolitical issues will most likely need to reemerge if Janet Yellen's commentary is seen as hawkish into next week. The market is perceiving that the tone from Yellen will be dovish as another debt ceiling deadline looms. Today's trade was typical for the dog days of August as the market awaits news from the Fed governors.

Technical's read like this for December gold and September silver for the remainder of the week. For December gold ,support comes in first at weekly pivot at 1290.4. A close under here and the market could test 1273.9. Resistance sits up at 1308.1. A close over this level and the market could test 1324.6. For September silver, support sits down at 1668.5 and with a close below 1628.5. Resistance is up at 1744.5 and with a close above 1780.5 is the next resistance.

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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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