BillyT's Daily Gold-Silver-Oil Trading Commentary for 27 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 27 July 2007

GOLD / SILVER:

Gold came off vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 658.70 level and was capped around the $667.00 figure. The U.S. dollar’s intraday gains and relatively benign U.S. core PCE price index data contributed to the sell-off in precious metals. Silver lost ground vis-à-vis the U.S. dollar as the pair tested bids around the US$ 12.58 level and was capped around the $12.92 level.

CRUDE OIL:

Crude oil jumped higher vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for September delivery tested offers around the US$ 76.33 level and was supported around the $ 74.71 level. Dealers have reported a dramatic increase in the number of speculative, non-physical buyers in the market.

BillyT Daily Forex