BillyT's Daily Gold-Silver-Oil Trading Commentary for 24 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 24 July 2007

GOLD / SILVER:

Gold appreciated vis-à-vis the U.S. dollar today as the yellow metal tested offers around the US$ 687.80 level and was supported around the $681.30 level. The U.S. dollar’s intraday weakness contributed to gains in precious metals. Silver moved higher vis-à-vis the U.S. dollar as the pair tested offers around the US$ 13.49 level and was supported around the $ 13.22 level.

CRUDE OIL:

Crude oil slid lower vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for September delivery tested bids around the US$ 72.98 level and were capped around the $74.98 level. Traders await tomorrow’s weekly U.S. energy inventories data. The pair came off following hints this weekend that OPEC may decide to increase production output.


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