RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

August Gold closed down 6.4 at 1269. This was 5.3 up from the low and 3.8 off the high.

July Silver finished down 0.00121 at 0.17285, 0.00085 off the high and 0.003 up from the low.

 

While some headlines suggest that the weakness in gold and silver today was the result of a rise in the dollar, the rise in the dollar didn’t appear to be that significant. We suspect that the noted weakness in precious metals prices was the result of the short term overbought technical condition into the high/close yesterday and it is also likely that some of the selling was exaggerated by the latest buzz, suggesting Fed is getting closer to hiking interest rates. The hike rates mentality was apparently fanned by a significant jump in a private job sector reading.

Hightower Report