Precious Metals Recap - 7/24/2017

July 24, 2017 3:44PM CDT

August Gold closed up 0.4 at 1255.3. This was 3.3 up from the low and 3.7 off the high.

September Silver finished up 0.00018 at 0.16475, 0.001 off the high and 0.0007 up from the low.


While the gold market fell back from its new high for the move, seeing the gains at the start of the week in the face of a dollar bounce suggest that the bull camp is either committed or the gold and silver trade is embracing additional bullish factors. Unfortunately for the bull camp, open interest and volume have fallen off on the last three days action and it would appear as if overall political anxiety in the US has downshifted temporarily. From the July low to the high forged today, August gold has rallied $55.00 and that should leave the market short-term technically overbought.

RJO Futures | 222 South Riverside Plaza, Suite 1200 | Chicago, Illinois 60606 | United States
800.441.1616 | 312.373.5478

This material has been prepared by a sales or trading employee or agent of RJO Futures and is, or is in the nature of, a solicitation. This material is not a research report prepared by RJO Futures Research Department. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.