Gold, Silver, Crude Oil And Nat Gas All Finish Lower

Posted by: : Paul EbelingPosted on: July 23, 2014 Gold, Silver, Crude Oil And Nat Gas All Finish Lower

1Gold, Silver, Crude Oil And Nat Gas All Finish Lower

  • Aug Gold fell for the 1st time in 5 sessions running as .DXY gained strength. The precious Yellow metal marked a high at 1316.80 early, and faded to Red. finishing – 0.7%  at 1306.10  oz.
  • Sep Silver traded between Green and Red Tueday, posting a high  at 21.12 off its low at 20.78, and finished at 21.00 oz. just off  unchanged.
  • Aug Crude Oil made a high at 105.01 late after making its low at 103.87, and faded to Red into the close, finished -0.7% loss at 103.89 bbl.
  • Aug Nat Gas extended losses for a 5th session running. It posted a session high at 3.83 per MMBtu, and finished on the low at 3.77 per MMBtu, or -1.8%.

Commentary

US Gold prices finished lower Tuesday on profit-taking and technical consolidation.  A firmer .DXY hit a 5 wk high, Bearish precious metals.

Spot Gold was last quoted -0.56% at 1,307.100

Geopolitics is still on the front burners. Tensions in Israel-Gaza, and Ukraine running high. Gold, US Treasuries and the Buck are safe-haven assets that have had support from the heightened tensions. Headlines of that day are influencing the market actions.

US economic data included the  Goldman Sachs retail sales reports, the consumer price index, real earnings, the monthly US house price index, existing home sales and the Richmond Fed business survey. The CPI (consumer price index) was the Key report Tuesday, that reading came in as expected, + 0.3% in June.

The London PM Gold Fix was 1,310.25 Vs the AM gold Fix at 1,307.00.

Technically speaking

Aug gold futures prices closed near the session low Tuesday. Gold Bulls and Bears are in a tug of war.

Gold Bulls’ next Northside objective is a close above resistance at 1,346.80.

Gold Bears’ next Southside objective is close below support at 1,292.60.

1st  resistance is seen at 1,316.80, then at 1,319.00.

1st support is seen at 1,302.20, then at 1,300.00.

COMEX Gold Continuous Contract
Last 1307.0 Change -6.9 Change % -0.5%
Open 1312.4 High 1316.8 Low 1302.2

Last Updated: 22 Jul 21:05 GMT

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Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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