COMEX gold and silver futures settlednmixed Monday after silver followed othernindustrial metals and commodities high-ner. Gold for August delivery lostn$5.70/oz to settle at $1,224.50/oz.nThough prices descended steadilynthroughout European and early US elec-ntronic trading, they found support nearnthe $1,220 level as they have in recentndays. The market staged a halfheartednrally in late floor trading but failed tonreach positive territory. Silver for Julyndelivery however, found support during ancorresponding slide during Europeanntrading and rebounded off the $18.360nlevel to the $18.560 level. July silvernthen eased back to the $18.400 levelnand traded mostly sideways, eventuallynsettling $0.180/oz higher atn$18.411/oz. Silver and other “industri-nal” commodities benefited from an earlynretreat in the US dollar to the uppern$1.22 level against the euro. But thendollar eventually steadied and rallied tonthe lower $1.22 level. Several tradersnand analysts in recent days have notednthat gold has found firm support on dipsnto the $1,220-1,223 range, but thatnprices continue to be pressured byninvestors shifting into riskier assetsnamid positive economic news from thenUS and China. Technical analysts withnFrench investment bank SocietenGenerale peg gold’s stop-loss levelnbetween $1,220 and $1,222, with thennext upside target at $1,238, with sup-nport seen at $1,215.
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