BillyT's Daily Gold-Silver-Oil Trading Commentary for 17 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 17 July 2007

GOLD / SILVER:

Gold appreciated vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 667.10 level and was supported around the $662.40 level. The U.S. dollar’s intraday losses and intraday gains in energy prices pushed gold higher, as did higher-than-expected U.S. core PPI data. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the US$ 13.07 level and was supported around the $12.86 level.

CRUDE OIL:

Crude oil gained ground vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil for August delivery tested offers around the US$ 75.20 level and was supported around the $73.75 level. Traders continue to drive the price higher on account of ongoing maintenance in the North Sea, a tight supply of U.S. gasoline during the summer driving season, and geopolitical tensions in Iran and Nigeria. Dealers are also paying close attention to any possible tropical storms or hurricanes that could develop in the U.S. Gulf.


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