Gold, Copper, Crude Oil, Nat Gas Up, Silver Unchanged
$GLD, $SLV, $JJC, $USO, $UNG
Jul WTI Crude Oil finished positive for the session, following an EIA inventory report that showed a draw of 6.812-M bBls Vs. the 1.5-M consensus estimate
- Jul COMEX Copper finished Wednesday’s session+1.5% to 2.75 lb
- Aug Gold finished +0.8% at 1177.60 oz
- July Silver was Unch at 15.97 oz
- Jul WTI Crude Oil ended +2.1% at 61.37 bbl
- Nat Gas closed +1.8% to 2.89 MMBtu
September US T-Bond futures prices marked a contract low Wednesday. The turmoil in the bond markets are due in part to worries about rising inflation pressures and warnings from the ECB that higher bond market volatility could be the new normal.
The Greek EU/IMF debt negotiations are ongoing and no agreement has been reached on restructuring Greece’s sovereign debt. This is blamed for the European bond market turmoil and prompted some safe-haven buying in Gold.
Aug Gold futures prices closed near the session high.
Gold Bulls next Northside objective is a close above resistance at 1,200.00.
Gold Bears’ next Southside objective is a close below support at 1,161.00.
1st resistance is seen at 1,191.80, then at 1,200.00.
1st support is seen at 1,180.00, then at 1,174.30.
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