Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Friday, July 06, 2012 at 12:32 PM
Gold Settles $30.50 Lower … ($1578.90)
Today’s August Gold futures traded a very wide $34.20 range as mediocre Unemployment data fueled today’s sell-off. After the U,S Department of Labor is still adding jobs- 80,000 not earth shattering but not disappointing either. The fact that the U.S is adding jobs may have signaled to traders and investors alike that QE 3 may pushed back once again during the next FOMC meeting Tuesday July 31st. The U.S Dollar traded a 2 year high versus the Euro following the Unemployment number. It is evident that traders and investors alike are choosing the Dollar and U.S Treasuries as there safe haven investment choice. Lower Crude Oil prices added to Gold’s price drop.
NEWS FROM THE WEEK:
THURSDAY:
Today’s August Gold futures traded a choppy and volatile $27.00 range. The session yielded light volume as traders may have taken profits as the U.S Dollar gained strength against the Euro today. Today European Central Bank Governing Council member Jens Weidman said the results of last month’s European summit didn’t bring any clarity as to the direction the monetary union is taking according Bloomberg. So once again the news from the Euro region is sketchy at best. Traders and investors alike may also be sidelined awaiting tomorrows UNEMPLOYMENT data due out at 7:30 am. cst… Crude Oil prices traded lower to help pressure the lower precious metals prices as well. August Crude Oil futures traded as low as $86.50 per barrel today.
U.S Department of Labor released the Initial Jobless Claims as 374,000. This was better than the 385,000 that had been projected………….
TUESDAY:
Today’s August Gold futures traded a wide $30.40 range as “ bullish” precious metals news sent traders and investors alike seeking gold as their “safe haven” investment of choice. Crude Oil and precious metals rallied strong on hints that central banks from Europe to China may implement monetary easing to jump start their sluggish economies. The European Central Bank is expected to cut interest rates to help slow the regions debt crisis. Cutting rates and monetary easing are historically “bullish” precious metals. The European Union is applying new sanctions against Iran for its continued quest to become nuclear capable. In response it has been reported that the Iranian parliament is working on a bill to shut down the Strait of Hormuz to Oil tankers belonging to countries applying the new sanctions….Stay tuned!
On July 1st 2011 August Gold settled at $1491.60 *
MONDAY:
Today’s August Gold futures traded a seesaw $16.20 range.
After Friday’s mammoth ($53.80) rally it appeared that traders took profits as the rally momentum stalled during the overnight Asian trade. Once again the $1600.00 trading level has become a psychological pivot point. Tuesday’s markets will close early and Wednesday’s U.S markets will be closed in observance of Independence Day. With the week’s abbreviated trading schedule coupled with the UNEMPLOYMENT DATA on Friday the 6th of July it certainly makes sense for traders to liquidate profitable positions when available. September Silver traded a tight 42 cent range and settled 11.3 cents lower and settled at $27.49.9 per ounce…
MY SWING NUMBERS 7/9
August Gold
RESISTANCE # 2…………. $1623.00
RESISTANCE # 1…………. $1602.00
PIVOT……………………… .$1589.00
SUPPORT # 1……………....$1566.00
SUPPORT # 2……………....$1555.00
VOLUME…………………….148,000
September Silver
RESISTANCE # 2…………...$28.00
RESISTANCE # 1…………...$27.51
PIVOT……………………….. $27.21
SUPPORT # 1……………….$26.61
SUPPORT # 2……………….$26.32
VOLUME…………………… .35,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Thursday, July 05, 2012 at 1:37 PM
Gold Settles $12.40 Lower … ($1609.40)
Today’s August Gold futures traded a choppy and volatile $27.00 range. The session yielded light volume as traders may have taken profits as the U.S Dollar gained strength against the Euro today. Today European Central Bank Governing Council member Jens Weidman said the results of last month’s European summit didn’t bring any clarity as to the direction the monetary union is taking according Bloomberg. So once again the news from the Euro region is sketchy at best. Traders and investors alike may also be sidelined awaiting tomorrows UNEMPLOYMENT data due out at 7:30 am. cst… Crude Oil prices traded lower to help pressure the lower precious metals prices as well. August Crude Oil futures traded as low as $86.50 per barrel today.
U.S Department of Labor released the Initial Jobless Claims as 374,000. This was better than the 385,000 that had been projected………….
Friday 7/6
ECONOMIC DATA:
UNEMPLOYMENT………………….7:30 am. cst.
Export Sales……………………… …7:30 am. cst.
MY SWING NUMBERS 7/5
August Gold
RESISTANCE # 2…………. $1637.00
RESISTANCE # 1…………. $1622.00
PIVOT……………………… .$1610.00
SUPPORT # 1……………....$1596.00
SUPPORT # 2……………....$1583.00
VOLUME…………………….112,000
September Silver
RESISTANCE # 2…………...$28.74
RESISTANCE # 1…………...$28.20
PIVOT……………………….. $27.85
SUPPORT # 1……………….$27.32
SUPPORT # 2……………….$29.96
VOLUME…………………… .31,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Tuesday, July 03, 2012 at 1:13 PM
Gold Settles $24.10 Higher … ($1621.80)
Today’s August Gold futures traded a wide $30.40 range as “ bullish” precious metals news sent traders and investors alike seeking gold as their “safe haven” investment of choice. Crude Oil and precious metals rallied strong on hints that central banks from Europe to China may implement monetary easing to jump start their sluggish economies. The European Central Bank is expected to cut interest rates to help slow the regions debt crisis. Cutting rates and monetary easing are historically “bullish” precious metals. The European Union is applying new sanctions against Iran for its continued quest to become nuclear capable. In response it has been reported that the Iranian parliament is working on a bill to shut down the Strait of Hormuz to Oil tankers belonging to countries applying the new sanctions….Stay tuned!
On July 1st 2011 August Gold settled at $1491.60 *
Thursday 7/5 economic data:
INITIAL JOBLESS CLAIMS…………..7:30 AM. CST.
MARKETS CLOSED WEDNESDAY 7/4 IN OBSERVANCE OF INDEPEDENCE DAY!
MY SWING NUMBERS 6/29
August Gold
RESISTANCE # 2…………. $1644.00
RESISTANCE # 1…………. $1633.00
PIVOT……………………… .$1614.00
SUPPORT # 1……………....$1603.00
SUPPORT # 2……………....$1584.00
VOLUME…………………….104, 000
September Silver
RESISTANCE # 2…………...$29.08
RESISTANCE # 1…………...$28.61
PIVOT……………………….. $28.03
SUPPORT # 1……………….$27.60
SUPPORT # 2……………….$26.97
VOLUME…………………… .50,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Monday, July 02, 2012 at 1:40 PM
Gold Settles $6.50 Lower … ($1597.70)
Today’s August Gold futures traded a seesaw $16.20 range.
After Friday’s mammoth ($53.80) rally it appeared that traders took profits as the rally momentum stalled during the overnight Asian trade. Once again the $1600.00 trading level has become a psychological pivot point. Tuesday’s markets will close early and Wednesday’s U.S markets will be closed in observance of Independence Day. With the week’s abbreviated trading schedule coupled with the UNEMPLOYMENT DATA on Friday the 6th of July it certainly makes sense for traders to liquidate profitable positions when available. September Silver traded a tight 42 cent range and settled 11.3 cents lower and settled at $27.49.9 per ounce…
ECONOMIC DATA: 7/3
FACTORY ORDERS…………8:00 AM. CST.
MY SWING NUMBERS 6/26
August Gold
RESISTANCE # 2…………. $1613.00
RESISTANCE # 1…………. $1603.00
PIVOT……………………… .$1597.00
SUPPORT # 1……………....$1590.00
SUPPORT # 2……………....$1581.00
VOLUME…………………….191, 000
September Silver
RESISTANCE # 2……………..$27.85
RESISTANCE.#1…………….. $27.67
PIVOT…………………………..$27.43
SUPPORT # 1………………… $27.25
SUPPORT # 2………………….$27.01
VOLUME………………………. 20,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Friday, June 29, 2012 at 1:49 PM
Gold Settles $53.80 Higher … ($1604.30)
Today’s August Gold futures traded a huge $56.50 range as encouraging news from the European Union fueled higher precious metals prices for the week. The August Gold contract covered a $60.20 range for the week. It was reported that European Union leaders reached an accord that eased worries that European Banks would fail. Given past summit failures many analysts, traders, and investors may have positioned themselves short the precious metals expecting more of the same. After announcing that the European leaders announced their plan to stabilize the regions banking sector it was viewed as extremely “bullish for precious metals as well as Crude Oil. Crude Oil helped sustain the Gold rally as August Crude traded as high as $85.20 per barrel (as of this posting)….Higher Crude Oil prices are seen as inflationary and therefore bullish for gold…
July Silver traded a $1.57.7 trading range and settled $1.33.3 Higher … ($$27.58 per ounce)
News from the week:
Thursday:
Today’s August Gold traded a very choppy and volatile $32.00 range. It certainly apparent that investors and traders are not very optimistic that the European Union summit will result in any major changes concerning the debt crisis in the region. The continued indecisive action in the region has placed heavy pressure on the Euro currency and forcing global investors into the U.S Dollar and U.S treasuries as their safe haven alternative investments…
Reports that troops from Turkey are mounting on the Syrian - Turkish border after a Turkish plane was shot down earlier in the week Syria has made no apologies… This could escalate
at a moment’s notice…
The U.S Department of Labor reported Initial Jobless Claims as 386,000….It was expected to be 385,000…..
July Silver covered a .99.5 cent range and settled at $26.24.7 per ounce for the session….
.
Wednesday:
Today’s August Gold futures traded a technical $21.50 range.
It appeared traders and investors alike were very tentative in their trading as they await not only tomorrow’s economic data but also the start of the two day European summit. This is the 20th such summit called in order to resolve the spreading debt crisis in the region. Today’s trade was seesaw event as the market traded above and below unchanged seemingly most of the mid- late session. Gold seems to have regained its luster in the rural areas of India as expectations of an average monsoon season. The monsoon season is critical to gold sales. A good monsoon and a rich harvest will boost gold purchases. Farmers prefer to invest in gold due to a lack of banking facilities in the rural areas
Tuesday:
Today’s August Gold futures traded a choppy $20.20 range as Spanish and Italian borrowing costs rose as concerns that this week’s European Union summit will fail to solve the regions debt crisis. This situation has pressured the Euro currency, made the U. S Dollar the favored investment choice, and therefore has lessened the appeal for precious metals. However, these price levels are apparently appealing to Central Banks recently as the International Monetary Fund’s website has produced data showing that Russia, Turkey, Ukraine, and Kazakhstan have increased their gold reserves. Gold has also not been able to maintain recent rally momentum as the price of Crude Oil continues to trade under $80.00 per barrel. Today’s August Crude Oil futures traded as low as $78.33 per barrel. These lower Crude prices are anti- inflationary and therefore “bearish” precious metals…
Silver traded a .76 cent range and the July future settled at $27.03.8 per ounce…
Monday:
Today’s August Gold futures traded a $22.10 choppy range. The market was fueled as short covering and renewed safe- haven buying helped push the yellow metal through the $1575-$1585 resistance levels. Despite lower Crude Oil prices and a stronger U.S Dollar it became apparent that investors and traders alike were choosing the precious metals as their alternative investment choice as the news from the European Union continues to capture the world’s headlines. Greece’s newly elected finance minister will have to be replaced due to health issues. And German Chancellor Angela Merkel reportedly stated that EU members need to be responsible for their own debt.
July Silver traded a huge $102.5 range and settled 85.9 cents higher …$27.52 per ounce.
MY SWING NUMBERS 7/2
August Gold
RESISTANCE # 2…………. $1645.00
RESISTANCE # 1…………. $1625.00
PIVOT……………………… .$1588.00
SUPPORT # 1……………....$1568.00
SUPPORT # 2……………....$1531.00
VOLUME…………………….140,000
July Silver
RESISTANCE # 2…………...$28.81
RESISTANCE # 1…………...$28.15
PIVOT……………………….. $27.23
SUPPORT # 1……………….$26.62
SUPPORT # 2……………….$25.65
VOLUME…………………… .24,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Thursday, June 28, 2012 at 1:53 PM
Gold Settles $28.00 Lower … ($1550.40)
Today’s August Gold traded a very choppy and volatile $32.00 range. It certainly apparent that investors and traders are not very optimistic that the European Union summit will result in any major changes concerning the debt crisis in the region. The continued indecisive action in the region has placed heavy pressure on the Euro currency and forcing global investors into the U.S Dollar and U.S treasuries as their safe haven alternative investments…
Reports that troops from Turkey are mounting on the Syrian - Turkish border after a Turkish plane was shot down earlier in the week Syria has made no apologies… This could escalate
at a moment’s notice…
The U.S Department of Labor reported Initial Jobless Claims as 386,000….It was expected to be 385,000…..
July Silver covered a .99.5 cent range and settled at $26.24.7 per ounce for the session….
.
MY SWING NUMBERS 6/29
August Gold
RESISTANCE # 2…………. $1591.00
RESISTANCE # 1…………. $1570.00
PIVOT……………………… .$1559.00
SUPPORT # 1……………....$1538.00
SUPPORT # 2……………....$1527.00
VOLUME…………………….116,000
July Silver
RESISTANCE # 2…………...$27.44
RESISTANCE # 1…………...$26.81
PIVOT……………………….. $26.44
SUPPORT # 1……………….$25.82
SUPPORT # 2……………….$25.44
VOLUME…………………… .52,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Wednesday, June 27, 2012 at 12:59 PM
Gold Settles $3.50 Higher … ($1578.40)
Today’s August Gold futures traded a technical $21.50 range.
It appeared traders and investors alike were very tentative in their trading as they await not only tomorrow’s economic data but also the start of the two day European summit. This is the 20th such summit called in order to resolve the spreading debt crisis in the region. Today’s trade was seesaw event as the market traded above and below unchanged seemingly most of the mid- late session. Gold seems to have regained its luster in the rural areas of India as expectations of an average monsoon season. The monsoon season is critical to gold sales. A good monsoon and a rich harvest will boost gold purchases. Farmers prefer to invest in gold due to a lack of banking facilities in the rural areas.
Economic Data: 6/28
EXPORT SALES………………7:30 am. cst.
GDP………………………… ….7:30 am. cst.
INITIAL JOBLESS CLAIMS…..7:30 am. cst.
MY SWING NUMBERS 6/27
August Gold 6/28
RESISTANCE # 2…………. $1597.00
RESISTANCE # 1…………. $1587.00
PIVOT……………………… .$1575.00
SUPPORT # 1……………....$1566.00
SUPPORT # 2……………....$1553.00
VOLUME…………………….103,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Tuesday, June 26, 2012 at 1:21 PM
Gold Settles $13.50 Lower … ($1574.90)
Today’s August Gold futures traded a choppy $20.20 range as Spanish and Italian borrowing costs rose as concerns that this week’s European Union summit will fail to solve the regions debt crisis. This situation has pressured the Euro currency, made the U. S Dollar the favored investment choice, and therefore has lessened the appeal for precious metals. However, these price levels are apparently appealing to Central Banks recently as the International Monetary Fund’s website has produced data showing that Russia, Turkey, Ukraine, and Kazakhstan have increased their gold reserves. Gold has also not been able to maintain recent rally momentum as the price of Crude Oil continues to trade under $80.00 per barrel. Today’s August Crude Oil futures traded as low as $78.33 per barrel. These lower Crude prices are anti- inflationary and therefore “bearish” precious metals…
Silver traded a .76 cent range and the July future settled at $27.03.8 per ounce…
Economic Data: 5/27
ADVANCED DURABLE GOODS…………..7:30 am. cst.
MY SWING NUMBERS 6/27
August Gold
RESISTANCE # 2…………. $1597.00
RESISTANCE # 1…………. $1586.00
PIVOT……………………… .$1577.00
SUPPORT # 1……………....$1566.00
SUPPORT # 2……………....$1557.00
VOLUME…………………….114, 000
July Silver
RESISTANCE # 2……………..$27.85
RESISTANCE.#1…………….. $27.44
PIVOT…………………………..$27.09
SUPPORT # 1………………… $26.68
SUPPORT # 2………………….$26.33
VOLUME………………………. 74,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Monday, June 25, 2012 at 2:05 PM
Gold Settles $21.10 Higher … ($1588.40)
Today’s August Gold futures traded a $22.10 choppy range. The market was fueled as short covering and renewed safe- haven buying helped push the yellow metal through the $1575-$1585 resistance levels. Despite lower Crude Oil prices and a stronger U.S Dollar it became apparent that investors and traders alike were choosing the precious metals as their alternative investment choice as the news from the European Union continues to capture the world’s headlines. Greece’s newly elected finance minister will have to be replaced due to health issues. And German Chancellor Angela Merkel reportedly stated that EU members need to be responsible for their own debt.
July Silver traded a huge $102.5 range and settled 85.9 cents higher …$27.52 per ounce.
Economic Data: 6/26
CONSUMER CONFIDENCE………..9:00 am. cst.
MY SWING NUMBERS 6/26
August Gold
RESISTANCE # 2…………. $1603.00
RESISTANCE # 1…………. $1599.00
PIVOT……………………… .$1581.00
SUPPORT # 1……………....$1565.00
SUPPORT # 2……………....$1559.00
VOLUME…………………….120,000
July Silver
RESISTANCE # 2……………..$28.16
RESISTANCE.#1…………….. $27.69
PIVOT…………………………..$27.13
SUPPORT # 1………………… $26.66
SUPPORT # 2………………….$26.10
VOLUME………………………. 49,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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Precious Metals Market Comments
by Mike Daly, PFGBEST
1-877-294-4669
mdaly@PFGBEST.com
Friday, June 22, 2012 at 1:59 PM
August Gold Settles $1.40 Higher … ($1566.90)
Today’s August Gold futures traded a very quiet and tentative $14.60 range.
The two day sell-off ended today as the August futures seesawed to close $1.40 Higher.
The two day sell-off was fueled when FED Chairman Ben Bernanke made no decisive statements concerning the injection of more stimulus into the sluggish U.S economy.
Wednesday’s non committal comments from the FOMC were not what the market places wanted or expected…The market covered a $75.70 range this week. The High was $1634.30 before Bernanke spoke. Today we traded as low as $1566.90 before settling at $1566.90 for the week…. Today August Crude Oil futures traded as low as $77.56 per barrel. Lower Crude Oil prices in recent week’s have also prevented Gold from maintaining rally momentum lately.
Thursday:
Today’s August Gold futures traded a mammoth $43.40 volatile range.
The fallout from the FOMC’s hesitance to inject more stimulus into U.S economy continued across the globe as investors and traders world-wide where once again disappointed in the FED’s non- committal action. Apparently FOMC Chairman Bernanke’s statement “we are prepared to do more” wasn’t enough to keep Gold bugs confident in their long positions.
There is certainly a trend forming…Bernanke speaks and precious metals get crushed!
This trend started February 29th….The U.S Department of Labor released last week’s Initial Jobless Claims as 387.000. This was expected to be 383,000….
July Silver got clobbered as well…Settling $1.55 lower … ($26.83.9 per ounce)
Wednesday:
Today’s August Gold futures traded a very choppy and volatile $36.10 range. The session produced a very seesaw trade and traded as low as $1590.50. The world was waiting to hear the verdict from the two day FOMC meeting. Once again the answers were a bit cryptic and resulted in no definite time frame for more stimulus. However, there seemed to be a different tilt to his statements. Chairman Ben Bernanke stated “ If we do not see more improvement from the labor market we will do more” “we are prepared to do more”…he also said he thought both QE programs were effective”…Once again this was not the response gold bugs were hoping for.
But is was as devastating as his past conferences. He certainly addressed the poor labor market and he did say twice “we are prepared to do more”….Investors and traders will eye tomorrow’s economic data before choosing their trading strategies…..
Tuesday:
Today’s August Gold futures traded a quiet $16.20 range as many gold bugs appear to be waiting for news from the FOMC after their two day meeting ends tomorrow. The mood in the market remains tentative and uncertain as traders are hoping the FED will take a straight forward approach in its decision whether or not to inject more stimulus in order to jump start the sluggish U.S economy…. Many analysts are predicting the FOMC will suggest more stimulus however, we gold traders have been disappointed every FOMC meeting since September 29th as FOMC Chairman Ben Bernanke has continuously stated that there is no need for anymore stimulus in the near future as the economy is growing at a gradual pace…The latest jobs sector housing sector, and trade numbers suggest the U.S economy is slowing….So it is my belief that traders and investors alike are waiting for tomorrow’s FOMC news release before choosing their trading strategies…
Monday:
Today’s August Gold futures trading session covered a choppy and volatile $24.40 range.
Greece avoided exiting the Euro currency zone as the Greek citizens elected political parties who favored an international bailout deal however, the region’s debt crisis remains prevalent.
Apparently the newly elected Greek government is seeking to renegotiate Greece’s current austerity measures but, Germany’s Chancellor Angela Merkel has again ruled out any negotiating and insisting that the present set of agreements made with International lenders must be honored. Today’s Gold trade had a seesaw range trading as high as $1631.30 and as low as $1606.90. it is my belief that traders are remaining tentative as they wait to hear news from the FOMC’s Tuesday – Wednesday meeting this week…….Stimulus ? or No Stimulus ?
MY SWING NUMBERS:
MONDAY JUNE 25th….
AUGUST GOLD
RESISTANCE # 2……….$1581.00
RESISTANCE # 1……….$1573.00
PIVOT…………………….$1566.00
SUPPORT # 1…………...$1559.00
SUPPORT # 2…………...$1551.00
VOLUME………………….214,000
PFGBEST Research Division
mdaly@pfgbest.com
877-294-4669
312-775-3014
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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