Metals – Market Recap – July 16,2009 UPDATE1
Commitment of Traders as of July 10,2009
NS Futures (Reported 7.16.09):
“Since Morgan earnings didn’t help; the bear camp has an edge…”
”While the gold market was presented with news of higher gold production from two different gold miners overnight, the trade doesn’t seem to be overly interested in the supply side of the equation…” Full Report
Bloomberg (Reported 7.16.09):
“July 16 (Bloomberg) -- Gold declined for the first time in six days as the dollar rebounded, reducing the appeal for the precious metal as an alternative investment.
The Dollar Index climbed from near a five-week low after charts showed its 1.4 percent drop in the past month was excessive. Bullion jumped 1.5 percent to a two-week high yesterday as oil rose the most in three weeks and a report showed U.S. consumer prices climbed the most in a year in June. ” Gold Falls First Time in Six Days as Dollar Rise Curbs Demand
Reuters (Reported 7.16.09):
“TOKYO (Reuters) - Gold prices eased on Thursday as the dollar's rise spurred profit-taking on bullion's jump to a two-week high the previous day when U.S. consumer price data stoked concerns about rising inflation.
Optimism about economic recovery prospects drove stocks higher, encouraging investors to take more risks and weighing on the dollar, while inflation worries returned after the U.S. price data came in stronger than expected.” Gold eases as dollar rises, technical charts improve
ScotiaMocatta (Reported 7.15.09):
“Gold opened at 937.00/938.00 and quickly rallied on USD weakness. Soon after, it dipped to its intraday low of 936.00/937.00 just ahead of reported CPI numbers which were benign. However, the metal continued to rise as oil and equity markets rallied alongside a weak USD, peaking at 941.50/942.50. Gold retreated from this level on light profit taking and traded within a narrow range for much of the session, finding significant resistance near 942.00. It ticked sideways as the session remained quiet, finally closing at 939.00/940.00.” Full Report