Resurgance in the Dollar

The metals eased from the morning opening highs to close only a shade higher in New York trading. Traders were quick to move to the sidelines after both the Euro and Oil gave up their gains. A resurgence in the Dollar came on the coat tails of a stronger than expected New Home Sales report which clocked in at 384,000 units. Not only did we get an 11% jump in the number of new homes sold; prices were also solidly higher. As a result the Euro slipped to the current level of $1.4215 down 15/100ths of a cent versus our Greenback.

Metal traders decided to lighten up on positions. Silver finished the day at $14.03 up 16 cents. Gold closed unchanged at $953.00. Palladium closed with a $2.00 gain at 260.00. Platinum closed at $1215.00. up $25.00.

Trading volume was moderate. Crude Oil took it’s cue from the Dollar as well as some negative technical trading commentaries. Crude is presently up a mere 10 cents at $68.16.

Over in the stock market the Dow has also turned negative over nervousness surrounding this week’s large U.S treasury auction along with only mixed corporate earnings results. Last on the Dow 9069 down 23 points.

With today’s positive home sales report behind us; traders will now focus in on tomorrow’s Case Shiller Home Price Index along with a fresh look at Consumer Confidence. In the morning I’ll have the latest estimates along with any overnight global developments.