6/22/2011 09:40:00 PM
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Comex gold and silver futures are seeing buying support come into the market place in mid-morning trading Wednesday. Gold futures popped to a fresh seven-week high of $1,559.20 as of this writing. The metals had been under mild selling pressure early on, due to a stronger U.S. dollar index and lower crude oil prices. However, as those two key "outside markets" saw the dollar index back down from its session high and crude oil prices move above unchanged, the precious metals were then able to move higher. August gold futures have moved above what was strong overhead technical resistance at the $1,555.00 level to produce fresh technically related buying interest from traders. August gold last traded up $10.00 an ounce at $1,556.30. July silver last traded up 22 cents at $36.60 an ounce.
Gold for August delivery GC1Q +0.74% rose $12.30, or 0.8%, to $1,558.70 an ounce on the Comex division of the New York Mercantile Exchange. The contract has gained $30.80 over the past six sessions. July silver SI1Q +0.86% also climbed 30 cents, or 0.8%, to $36.68 an ounce. The Fed is expected to announce a decision to end its program of buying $600 billion Treasury securities and hold interest rates steady.
Higher aluminum scrap prices are expected next year, according to 67% of participants in the Harbor Aluminum outlook conference in Chicago survey Wednesday. Of those survey participants, 48% say scrap prices are strategic to their bottom line.
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