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Daily Gold Report

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Dovish central bank Presidents that have echoed dovish commentary on short term interest rates along with continued geopolitical chaos in Washington have sent the Dollar spiraling lower while ushering in new longs in the precious metals sector. On top of that the devastation that continues in south Texas due to hurricane Harvey that continues to wreak havoc along the gulf of Mexico has also given gold and silver safe haven buying sentiment. In my view seasonal buying into September has also boosted price as gold and silver traditionally rally into Labor Day. If you add all the headlines together from the Fed symposium in Jackson Hole from last Friday through this weekends noise of a potential government shutdown, debt ceiling congressional showdown, and continued saber rattling with North Korea; the uncertainty reigns. Gold thrives in such conditions and therefore the result was a rally of $17.50 for December gold to close at 1315.4. September silver closed at 17.44, up 39.5 cents basis September.

At Jackson Hole, U.S. Federal Reserve Chair Janet Yellen made no reference to U.S. monetary policy but instead focused on financial regulations, leading traders to expect interest rates to be raised more slowly.The European Central Banks Mario Draghi said the bank's ultra-loose monetary policy was working and that the euro zone's economic recovery has taken hold, refraining from commenting on the euro's recent strength. That was enough to push the euro to its highest in more than 2-1/2 years against the U.S. dollar today while the dollar index fell to its lowest since May 2016.

Traders should continue to watch the Dollar for direction and any geopolitcial headlines going forward. Support levels for tomorrows trade comes in as follows. For December gold, support is down first at 1302.4 and then 1289.3. Resistance is up at 1323.2 and then up at 1330.9. For September silver support is down at 17.14 and then down at 16.85. Resistance is up at 17.60 and then up at 17.77.

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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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