Metals – Market Recap – July 17,2009
Commitment of Traders as of July 10,2009
NS Futures (Reported 7.17.09):
“Unless bank earnings provide a distinct lift, the bears look to control…”
”The bull camp in gold might suggest that classic fundamental news overnight gives them an initial edge today.…” Full Report
Bloomberg (Reported 7.17.09):
“July 17 (Bloomberg) -- Gold, little changed in London today, may decline as a stronger dollar curbs demand for the metal as an alternative investment.
The U.S. Dollar Index, which measures the currency’s value against six foreign monies, gained as much as 0.5 percent today as investors sought the greenback’s safety after bombs killed eight people at hotels in the Indonesian capital of Jakarta. Gold, which tends to move inversely to the dollar, is set for a 2.5 percent gain this week after two straight drops. “ Gold, Little Changed in London, May Fall on Stronger Dollar
Reuters (Reported 7.17.09):
“TOKYO (Reuters) - Gold prices were almost flat on Friday after dipping the previous day when weak U.S. manufacturing data revived risk aversion and lifted the dollar, dulling the precious metal's allure as an alternative asset.
Bullion has recently been underpinned by optimism about the economic outlook and hit a two-week high of $941.95 an ounce on Wednesday. But further buying failed to emerge, with investors keeping an eye on the course of the dollar, economic data and corporate earnings.” Gold flat after fall, ETF holdings inch up
ScotiaMocatta (Reported 7.16.09):
“Gold opened at 939.00/940.00 and traded quietly within a range, climbing to an intraday high of 939.50/940.50 shortly after the open. The USD weakened after better than expected jobless claims were released, causing gold to trade to its highs. Range trading followed by profit taking took us to an intraday low of 932.00/933.00 just after the London Fix. It recovered marginally from its lows as the Philly Fed Index was worse than expected and investors grew weary ahead of reported earnings, causing the USD to slightly dip. The metal traded sideways as the market went quiet, finally settling at 935.00/936.00.” Full Report