BillyT's Daily Gold-Silver-Oil Trading Commentary for 2 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 2 July 2007

GOLD / SILVER:

Gold lifted higher vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 658.80 level and was supported around the 648.85 level. The U.S. dollar’s intraday losses resulted in higher metals prices. Additionally, physical demand was also cited. Silver rallied higher vis-à-vis the U.S. dollar today as the pair tested offers around the US$ 12.61 level and was supported around the $12.40 level.

CRUDE OIL:

Crude oil came off vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for August delivery tested bids around the US$ 69.61 level and were capped around the $70.70 level. Saturday’s terror attack at the Glasgow Airport and Friday’s attempted attacks in central London have traders on edge and are underpinning the price. Also, traders are loath to sell energy prices too much on the premise that U.S. gasoline stocks are falling and may be unable to keep up with demand during the U.S. summer driving season.


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