Market Commentary – June 27, 2014 The market closed the week a bit firmer, with participants unwilling to give up their long positions in an uncertain environment and shorts squaring up a touch in front of a weekend. Gold opened at $1317 in Asia and moved up to the day high of $1322 on the back of a weaker dollar, which fell to a one month low against the yen. However, it sold off again on light technical selling after failing to break $1322, which chartists consider a key resistance point. Europe took some profit off the table, pushing gold to the day low of $1313 before recovering back over $1315. New York took the market up to $1320 again on light book squaring before slipping back to range trade between $1317 and $1319 for the afternoon. Light selling came in the last hour of the day as the market quietly slipped away at $1315.75 for the week. The Consumer Sentiment Index release of 82.5 (cons. 81.9) had no impact on the market at all. Remember – Monday is the end of the Second Quarter. As in the past some hedge funds might unwind some positions to window dress their portfolios for the June 30TH snapshot. Data releases – 9:45am - Chicago Purchasing Managers Index – (cons. 61) 10:00am - Pending Home Sales – (cons +1.5%) Michael Mikolay Disclaimer – Statements of news and current events on this web site, and financial, economic, political and market information on this web site (individually and collectively “Content”) are not intended to and do not constitute investment advice and are not intended to and do not constitute a prediction of the future course of the economy or the market for precious metals. The accuracy, completeness, adequacy or currency of the Content is not warranted or guaranteed in any way. Your use of Content on this web site or materials linked from this web site is at your own risk.
Posted on: Fri, 27 Jun 2014 21:11:21 +0000
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