BillyT's Daily Gold-Silver-Oil Trading Commentary for 12 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 12 July 2007

GOLD / SILVER:

Gold moved higher vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 669.10 level and was supported around the $660.85 level. Additional intraday weakness in the U.S. dollar led to gains in precious metals, and escalating oil prices contributed to the pair’s gains. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the US$ 13.09 level and was supported around the $12.85 level.

CRUDE OIL:

Crude oil extended recent gains vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for August delivery tested offers around the US$ 73.78 level and were supported around the $72.39 level. Traders remain concerned over refinery utilization rates, especially after yesterday’s weekly U.S. inventories data evidenced a steeper-than-expected decline in crude stocks. Production issues involving North Sea installations and geopolitical pressures involving Iran and Nigeria also continue to pressure energy prices higher.


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