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PRECIOUS METALS

METALS: August gold futures closed up $9.00 an ounce at $1,326.90 today. Prices closed nearer the session high today. The key “outside markets” were bullish for gold today as the U.S. dollar index was lower and crude oil prices were higher. The gold bulls have the solid overall near-term technical advantage. Prices are in a four-week- old uptrend on the daily bar chart.

July silver futures closed up $0.497 at $18.34 today. Prices closed nearer the session high and hit a 21-month high today. The key “outside markets” were bullish for gold today as the U.S. dollar index was lower and crude oil prices were higher. The silver market bulls have the solid overall near-term technical advantage and gained fresh power today.

July N.Y. copper closed up 120 points at 218.25 cents today. Prices closed nearer the session high and hit another seven-week high today. The key “outside markets” were bullish for gold today as the U.S. dollar index was lower and crude oil prices were higher. The copper bulls have the overall near-term technical advantage. A bullish “rounding-bottom” reversal pattern has formed on the daily bar chart.

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