Gold Prices Surge From Early Lows

Gold contracts have surged off their session lows, as traders look for a partial hedge amid aversion to risk. Gold is last priced at $1,191.25 per ounce, gaining more than $15 from the session lows near $1,175.

Crude Oil Dips Below $75; Support Nearby

Crude oil is trading below the $75 per barrel mark at this hour, last priced at $74.80. Upcoming support at $74.39 will be key if further rallies are to follow in the short-term. Upward resistance will be found near $76.50.

Gold Lower on Risk Unwind

Gold is selling off in trading today despite the rise in bearish sentiment following disappointing economic data. Gold is last priced at $1,230 per ounce, well off the session high near $1,246. The selloff may indicate that risk is coming off the table at the highest levels, to which gold is extremely vulnerable.

Gold Poised for Move Higher – $1,270

Gold may be poised for new highs, as the recent selloff failed to take out the support level for the precious metal. Last priced at $1,239 per ounce, Gold should push toward the $1,270 level with relative ease, before ultimately reaching $1,325. However, support near the $1,233 level will need to hold for new highs… Continue Reading

Crude Oil Resistance Holds Into Close

Crude oil prices failed to breach resistance between the $72.50 and $73.25 range, despite the positive move for equities into the close. Last priced at $72.20 per barrel, crude prices are expected to decline to $67 in the short-term.

Gold Retreating From All-Time High

After setting an all-time nominal high of $1,252.10 per ounce in earlier trading, Gold contracts for August delivery are retreating to the $1,235 mark. Investors bid up the precious metal as European markets sold off, but have reduced positions — perhaps prematurely — as US equities turned positive.

Gold Forming Intraday Bottom Near $1,215

Gold appears to have formed an immediate-term bottom near $1,215 per ounce, signaling upside to $1,225 in the hours ahead. Last priced at $1,217 per ounce, gold will face additional resistance near the $1,229 level, a breach of which could carry the metal to $1,250 in the days to week ahead.

Crude Oil Stalling Ahead of $74

Crude oil is having a difficult time breaking above the $74 per barrel mark, last trading at $73.55. A successful breach of $74 for crude prices will be met with much stronger resistance near the $75.40 level.

Gold Regains Ground to $1,220

Gold contracts for August delivery are back above $1,220 per ounce, following an earlier selloff that saw the metal trade as low as $1,213. The short- to medium-term outlook remains bullish, though the long-term bubble threat remains. A retest of gold’s all-time nominal high near $1,250 is expected in the week(s) ahead.

Crude Oil Nearing Weak Support at $71.65

Crude oil continues to trade lower following the close of US trading, last priced at $71.85 per barrel. The energy contract will find relatively weak support at $71.65, a breach of which would bring the $69 handle back into play.