Metals – Market Recap – July 28,2009

Commitment of Traders as of July 24,2009

Bloomberg (Reported 7.28.09):

”July 28 (Bloomberg) -- Gold gained in Asia, reversing an earlier decline, as the dollar traded near the lowest level in seven weeks against the euro and rising stocks and positive economic data spurred inflations concerns.

Bullion rose for a third day as acceleration in China’s economic growth and better-than-expected U.S. earnings have helped to propel the MSCI Asia Pacific Index, which rose for an 11th consecutive day. An upturn in crude oil also fueled interest in the precious metal. ” Gold Gains in Asia, Reverses Drop, as Dollar Near 7-Week Low

Reuters (Reported 7.28.09):

“TOKYO, July 28 (Reuters) - Gold steadied above $950 per ounce on Tuesday but was off the previous day's 6-½   week high as caution returned after prices neared $960. Gold has mostly moved in a range of $945-$960 per ounce for the past week with strong technical resistance towards the $960 level, which was last touched on June 11. Gains have also been capped by weak physical demand.” PRECIOUS-Gold holds above $950/oz, ETF steady

NS Futures (Reported 7.27.09):

“Weaker dollar & up beat economic views gives the bulls control today…”  Full Report

ScotiaMocatta (Reported 7.27.09):

“Gold opened at 955.25/956.25 and initially slipped, but later recovered on the back of investor demand, climbing to an intraday high of 957.25/958.25. The dollar continued to rally on the back of better than expect new home sales causing gold to tick lower. Support was established near 952.00 and gold traded lightly within a range as the market went quiet. Softer oil prices inspired more selling, dragging the metal to a low of 950.50/951.50 and it moved sideways as the session unwound, closing at 953.25/954.25.” Full Report