5/24/2012
June Gold closed up 11.7 at 1560.1. This was 9.1 up from the low and 17.6 off the high.
July Silver finished up 0.638 at 28.157, 0.358 off the high and 0.177 up from the low.
June gold spent a large amount of time today trading above the prior session's close and for some that was surprising. However, at least a temporary calm toward the Euro zone and slightly better than expected US scheduled data seemed to pull the marketplace back from a fairly conclusive deflationary posture. It is also likely that a recovery attempt in the Euro provided some fresh buying in gold today, but others might have been pulled into the fray because of option settlement influences. It is also possible that the theme of an orderly exit of Greece from the Euro zone was giving the bull camp in gold a glimpse of better macro economic conditions ahead.
Like the gold market, the silver market forged a fairly impressive range up extension today and managed that action in the wake of some rather discouraging global economic news flow from the overnight action. However, US scheduled data was better than expected and that might have prompted classic physical commodity buying of silver today and that in might also have fostered a shift to a more favorable currency market influence on metals prices. Another portion of the bull camp in silver is probably of a mind that weak international data is likely to bring UK and EU easing sooner rather than later.
COMEX SILVER (JUL) 05/25/2012: The near-term upside target is at 2905.0. Daily studies suggest buying dips today. The next area of resistance is around 2870.0 and 2905.0, while 1st support hits today at 2786.0 and below there at 2728.0.
COMEX GOLD (JUN) 05/25/2012: The next upside objective is 1588.5. The next area of resistance is around 1573.0 and 1588.5, while 1st support hits today at 1547.5 and below there at 1535.9.
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