August Gold closed down 4.2 at 1575.6. This was 10.1 up from the low and 7.8 off the high.
July Silver finished up 0.144 at 26.995, 0.165 off the high and 0.145 up from the low.
Gold prices tried to hold up throughout the trading session but prices were clearly undermined as a result of the FOMC meeting minutes release. Apparently some members of the Fed were concerned that ongoing bond buying could damage the US Treasury market and for some that served to delay the prospect of any additional near term easing. With a recovery in the Dollar also seen today the gold bulls were presented with yet another outside market negative. With the August gold contract falling back to the lowest level since June 29th, some bulls were fearful of near term technical stop loss selling.
The silver market at times today showed promise before but ultimately the market gave back a large portion of its gains. However, given the action in gold and grain prices today, seeing silver mostly hold in positive ground was relatively impressive. However, silver had to be partially defeated by the net shake from the FOMC meeting minutes release, the reversal in the US equity markets and also because of the recovery in the US Dollar. All things considered the bull camp in silver had to be happy
COMEX SILVER (JUL) 07/12/2012: The next downside target is 2669.0. The next area of resistance is around 2710.0 and 2726.0, while 1st support hits today at 2686.0 and below there at 2669.0.
COMEX GOLD (AUG) 07/12/2012: The next downside objective is 1557.8. The next area of resistance is around 1584.0 and 1592.3, while 1st support hits today at 1567.3 and below there at 1557.6.
Both gold and silver has a very good performance this past few years. This makes those metals a very good investments. You can sell gold jewelry or buy them depends with the prices of gold.
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