Metals – Market Recap – Aug 5,2009

Bloomberg (Reported 8.5.09):

“Aug. 5 (Bloomberg) -- Gold dropped, ending a four-day rally, on speculation investors will sell holdings after bullion neared a key resistance level.

Gold declined as much as 0.3 percent after reaching $970.47 yesterday, the highest level since June 5. The advance may stall before it reaches so-called resistance at $972 an ounce, Commerzbank AG said in a note yesterday, citing trading patterns. Resistance levels are where sell orders tend to be clustered. ” Gold Snaps Four-Day Gain as Break Through $970 Spurs Selling

Reuters (Reported 8.5.09):

“TOKYO, Aug 5 (Reuters) - Gold inched down on Wednesday after hitting a two-month high the previous day, with investors pondering whether to push prices up if the dollar weakens further as they become more wary of high price levels.” PRECIOUS-Gold eases below 2-month high, ETF unchanged

Gold Options Activity – Highlights – As Of Aug 4,2009

Silver Options Activity – Highlights – As Of Aug 3,2009