June Gold closed up 2.4 at 1662.9. This was 11.8 up from the low and 5.5 off the high.
July Silver finished up 0.135 at 31.411, 0.059 off the high and 0.246 up from the low.
After seeing follow through selling pressure early in the week, the gold market managed to regain its footing toward the end of the week. Surprisingly the gold market managed to rally Thursday in the wake of slack data and higher equities and that prompted ideas that perhaps weaker US data was the shortest path to additional US easing. On the other hand, gold today had the benefit of noted weakness in the Greenback and evidence of a strengthening Chinese currency and that probably provided the market with a lift. Given the noted low to high range of roughly $45 an ounce, the bull camp in gold might feel like they are beginning to challenge the pattern of lower highs and lower lows that has been in place since the end of February.
While silver was also able to managed a low to high recovery bounce of roughly $1.48 an ounce this week, the bull camp in silver didn't seem to be as keen as the gold to benefit from the idea that slowing US data could bring the US Fed off the bench sooner rather than later. Nonetheless physical commodities like silver generally weathered a fairly negative macro economic environment this week. In fact, to finish the week higher after slow US data and rekindled Euro zone concerns is a really impressive feat for the silver bulls.
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