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The daily commentaries provide a recap of each commodity's traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the next day's schedule. CME Group provides market commentaries for corn, wheat, soybeans, gold and silver.
The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
The gold market managed a bigger than expected rally and the gains might have been inspired by technical short covering as the typical outside market forces didn't seem to fully justify the magnitude of the bounce off the recent lows. In fact, the Dollar was weaker but that key outside market influence didn't weaken considerably in the wake of the US data and in turn inspired the run up in gold prices. In fact, despite a reversal and a slide of almost $6.00 per barrel in crude oil the gold market mostly seemed content to sustain its early gains. With the Industrial Production reading and the NAHB housing Index both weak and the Dollar merely holding around unchanged, it is possible that volatility in the currency markets is set to decline and that could leave gold and other markets looking for a fresh theme.
