Gold, Nat Gas Up, Silver, Crude Oil Down, Copper Unchanged
$GLD, $SLV, $JJC, $USO, $UNG
- Aug Gold finished +6.50 at 1179.80 oz.
- Jul Silver lost 0.07 to 15.70 oz
- Jul COMEX Copper finished Unchanged at 2.63 lb
- Aug WTI Crude Oil -1.41 at 58.22 bbl
- Aug Nat Gas +0.04 at 2.81 MMbtu
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Monday, US Gold finished pit trade higher, the precious Yellow metal saw some safe-haven demand and short covering on the Greece debt crisis. World markets are off, but not in a panic, but the selling is broad based.
A Key reason Gold did not see a bigger price move Monday is that the .DXY backed off sharply from its overnight gains, to trade lower on the day. And EUR shed its solid overnight losses to trade higher by the end of the US day session, indicating that the market could have hit a bump on the worsened Greek crisis.
Do not know what to think yet, Gold still could see strong safe-haven demand by the time the week’s is at an end. Hedge fund bets are that the Greeks will vote to stay in the Eurozone.
US stock indexes finished sharply lower, S&P 500 breaking several support marks on the way South
US Treasuries saw strong gains Monday, on safe-haven demand. Greek 2-yr bond yields spiked to 33% Monday.
China’s central bank lowered its interest rates at the weekend, in order to trigger increased growth in the world’s 2nd-largest economy. China’s stock market sold off Monday entering an official Bear market.
The London PM Gold Fix is 1,176.00 Vs the London AM Fix at 1,176.50.
Aug Gold futures prices closed mid-range.
Gold Bulls next Northside objective is a close above resistance at 1,192.00.
Gold Bears next Southside objective is a close below support at1,162.10.
1st resistance is seen at 1,187.60, then at 1,190.00.
1st support is seen at 1,173.20, then at 1,167.10.
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