Bullion Market Report As On May 23,2014
METALS: June gold futures closed up $6.80 an ounce at $1,294.90 today. Prices closed nearer the session low today. Some upbeat China economic data boosted gold early, but a firmer U.S. dollar index today tempered gold’s gains. Trading has been choppy and sideways for the past five weeks. Gold market bulls and bears are on a level near-term technical playing field.
July silver futures closed up $0.172 an ounce at $19.51 today. Prices closed nearer the session low. Upbeat China data lifted silver, but the firmer dollar index tempered silver gains. The silver bears have the overall near-term technical advantage. However, recent choppy and sideways trading at lower price levels does suggest some basing that could mean a market low is in place.