Precious Metals Recap – 7/31/2017Posted 07/31/2017 3:47PM CT |
December Gold closed up 0.4 at 1275.7. This was 4 up from the low and 1.6 off the high.
September Silver finished up 0.00125 at 0.1682, 0.0005 off the high and 0.00155 up from the low.
Gold experienced choppy and two-sided trade with a very tight range. The sharp drop in the US dollar failed to provide much support and increased tensions with North Korea also failed to provide for much support. Talk of the overbought
condition after the recent strong gains (stochastics 88 and 84) helped to keep the trade choppy. Managed money traders in Friday’s COT update increased their net long position by a significant 46,228 contracts for the week ending July 25th to 75,048 contracts. The early rally pushed the market up to a 7-week high but the market inched lower in the afternoon.