BillyT's Daily Gold-Silver-Oil Trading Commentary for 23 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 23 July 2007

GOLD / SILVER:

Gold came off vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 681.95 level and was capped around the $685.20 level. Most traders believe gold will continue to shine as the U.S. dollar’s weakness is likely to persist. Silver moved lower vis-à-vis the U.S. dollar today as the pair tested bids around the US$ 13.24 level and were capped around the $13.39 level

CRUDE OIL:

Crude oil slumped vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for September delivery tested bids around the US$ 74.51 level and were capped around the US$ 75.69 level. Traders await details from tomorrow’s meeting between the U.S. and Iran. OPEC President Al Hamli was quoted this weekend as saying policymakers are “concerned” about steep prices that remain near all-time highs. OPEC, however, appears to not want to increase production ahead of its next scheduled meeting in September.


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