BillyT's Daily Gold-Silver-Oil Trading Commentary for 4 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 4 July 2007

GOLD / SILVER:

Gold gained marginal ground vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 655.00 figure and was supported around the $653.38 level. Silver came off marginally vis-à-vis the U.S. dollar today as the pair tested bids around the US$ 12.56 level and was capped around the $12.62 level.

CRUDE OIL:

Crude oil weakened slightly vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for August delivery tested bids around the US$ 70.99 level and were capped around the $71.43 level. Prices are near ten-month highs, underpinned by sagging oil inventories in the U.S., the U.S. summer driving season, and the risk premiums that followed last week’s attempted terror attacks in the U.K. Also, news emerged that Nigeria’s main militia group has ended its truce with the government and will continue to attack oil facilities there.


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