Precious Metals Recap – 7/24/2017Posted 07/24/2017 3:44PM CT |
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.