Metals – Market Recap – July 14,2009

Commitment of Traders as of July 10,2009

Reuters (Reported 7.14.09):

“LONDON (Reuters) - Gold prices rose on Tuesday, extending the previous session's gains, as an uptick in oil prices and a slight weakening in the dollar boosted interest in the precious metal.” Gold higher as dollar slips, oil rises

Bloomberg (Reported 7.14.09):

“July 14 (Bloomberg) -- Gold declined in Asia as a rebound in stocks, driven by optimism that the global economy is recovering, eroded demand for the precious metal as an alternative investment.

The MSCI Asia Pacific Index rose from an eight-week low, tracking gains in the Standard & Poor’s 500 Index, after analyst Meredith Whitney recommended shares of Goldman Sachs Group Inc., and said banks may advance 15 percent. Hedge-fund manager Barton Biggs said that China’s economic growth would exceed forecasts.” Gold Declines in Asia as Rebound in Global Equities Cuts Demand

NS Futures (Reported 7.14.09):

“A minor but suspect up trend bias is in place early today…”
”The gold market certainly showed an impressive recovery burst in the prior trading session and that action seemed to be the result of a distinct improvement in the outlook for the economy.…”  Full Report

ScotiaMocatta (Reported 7.13.09):

“Gold opened at 912.50/913.50 in New York. The metal ticked lower as the session began on the back of rallying USD and weaker oil prices, dipping to an intraday low of 907.00/908.00 where good buying interest was seen. This downward move was reversed as the USD softened causing the metal to trade through resting stops between 916.00 and 919.00, eventually taking us to a high of 923.00/924.00. Light profit taking pushed the metal slightly lower, finally closing at 922.00/923.00.” Full Report