BillyT's Daily Gold-Silver-Oil Trading Commentary for 10 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 10 July 2007

GOLD / SILVER:

Gold appreciated vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 664.85 level and was supported around the $658.85 level. The U.S. dollar’s intraday losses contributed to the pair’s gains, as did elevated energy prices. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the US$ 13.00 figure and was supported around the $12.71 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$ 72.93 level and was supported around the $71.63 level. Traders await tomorrow’s key U.S. energy inventories data to see if there have been draws on crude and gasoline stocks during the driving-intensive summer period. Continued kidnappings in Nigeria, scheduled North Sea maintenance, and unplanned production disruptions at Valero and Chevron facilities are adding to the pair’s gains.


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