Gold, silver rebound ahead of U.S. retail sales data, Yellen testimony

                         Gold and silver futures regained strength on Tuesday, as investors looked ahead to highly anticipated comments by Federal Reserve Chair Janet Yellen later in the day as well as key U.S. data.

Gold tumbled to $1,302.20 an ounce on Monday, the lowest since June 19, before settling at $1,306.70, down 2.3%, or $30.70, as profit-taking and stronger global equities dented the precious metal's safe-haven appeal.On the Comex division of the New York Mercantile Exchange, goldfor August delivery tacked on 0.46%, or $6.00, to trade at $1,312.70 a troy ounce during U.S. morning hours. Prices held in a range between $1,306.70 and $1,314.50.

Gold futures were likely to find support at $1,302.20, the low from July 14 and resistance at $1,340.90, the high from July 14.

Also on the Comex, silver for September delivery inched up 0.64%, or 13.4 cents, to trade at $21.04 a troy ounce.

Market players were eyeing Fed Chair Yellen's testimony in a U.S. Senate committee at 10:00 a.m. Eastern for signs of when the central bank would begin increasing interest rates.

Before that, retail sales for June and the New York Fed Empire manufacturing index for July will be released.

In the minutes of the Fed's June policy meeting released last week, the Fed predicted an October close to its bond-buying stimulus program but did not hint at a timetable as to when interest rates may begin to rise afterwards.

Elsewhere in metals trading, copper for September delivery dipped 0.09%, or 0.3 cents, to trade at $3.246 a pound.

Copper traders looked ahead to a raft of Chinese economic data later this week, including reports on second quarter gross domestic product, industrial production and retail sales.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.

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Copper falls to 2-week low ahead of Yellen testimony

                      Copper futures fell to a two-week low on Tuesday, as markets were jittery ahead of highly anticipated comments by Federal Reserve Chair Janet Yellen later in the day.

On the Comex division of the New York Mercantile Exchange, copper for September delivery hit a session low of $3.224 a pound, the weakest level since July 2, before trimming losses to last trade at $3.248 during European morning hours, down 0.04%, or 0.1 cents.

Copper prices ended Monday’s session down 0.61%, or 2.0 cents, to settle at $3.249 a pound.

Futures were likely to find support at $3.183 a pound, the low from July 2 and resistance at $3.294 a pound, the high from July 14.

Market players remained cautious before Fed Chair Yellen testifies before Congress at 10:00 a.m. Eastern, amid speculation over when the central bank will start raising interest rates.

Before that, retail sales for June and the New York Fed Empire manufacturing index for July will be released.

In the minutes of the Fed's June policy meeting released last week, the Fed predicted an October close to its bond-buying stimulus program but did not hint at a timetable as to when interest rates may begin to rise afterwards.

Copper traders also looked ahead to a raft of Chinese economic data later this week, including reports on second quarter gross domestic product, industrial production and retail sales.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.

Elsewhere on the Comex, gold for August delivery inched up 0.41%, or $5.40, to trade at $1,312.10 a troy ounce, while silver for September delivery advanced 0.52%, or 10.9 cents, to trade at $21.02 an ounce. - investing.com

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Gold prices gain in Asia ahead of Yellen testimony to Congress

               Gold prices gained in Asia on Tuesday ahead of testimeony from the U.S. Federal Reserve chief to Congress and continued tension in the euro zone over Portugal.

On the Comex division of the New York Mercantile Exchange, goldfutures for August delivery traded at $1,308.70 a troy ounce, up 0.15%, after hitting an overnight session low of $1,304.10 and off a high of $1,340.70.

Gold prices recently shot up on safe-haven demand after the parent company of Portugal's largest bank, Banco Espírito Santo, said last week that it missed commercial paper payments.

The announcement rattled nerves across the globe, fueling concerns surrounding the soundness of the banking sector in Portugal as well as in Spain and Italy.

On Monday, gold dropped after the bank as well as Portuguese government and monetary authorities assured the world the country's financial system is not in crisis.

Meanwhile in the U.S., stocks rose on hopes for upbeat earnings this week, which also chipped away at gold's use as a hedge.

Silver for September delivery rose 0.23% at $20.962 a troy ounce. Copper futures for September delivery were down 0.02% at $3.253 a pound. - investing.com

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NYMEX crude edges up in Asia ahead of U.S. stockpiles data

          Crude prices held steady in Asia on Tuesday ahead of U.S. stockpile reports this week.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $100.93 a barrel, up 0.01%, after closing at $101.83 a barrel overnight.Industry data due later Tuesday is expected to show a drop in U.S. crude stocks in line with last week's 1.7 million barrel decline, while government data on Wednesday is expected to show a fall of 2.025 million barrels as the summer driving season reaches high gear.

Brent oil on the ICE futures exchange in London gained 0.3% to $106.98 a barrel on Monday.

Fears that military conflicts in the Middle East will disrupt supplies have waned, sending oil prices falling in recent sessions, though by Monday investors felt the commodity had fallen too far, which sent prices jumping in and out of positive territory.

Libya recently struck a deal with rebels occupying oil ports under terms that would have insurgents give up control over terminals that have been closed for a year.

The deal should add 500,000 barrels per day of crude back into the global energy market.

Separately, ongoing expectations for the Iraqi insurgency to remain to the north of the country's oilfields also allowed prices to drop. - investing.com

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Natural gas edges lower on forecasts for U.S. summertime cool snap

           Natural gas futures edged lower on Monday after updated weather-forecasting models predicted below-normal temperatures to sweep in from Canada into the Midwest this week and trek east.

On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.130 per million British thermal units during U.S. trading, down 0.40%. The commodity hit a session high of $4.172 and a low of $4.096.

The August contract settled down 0.63% on Friday to end at $4.146 per million British thermal units.

Natural gas futures were likely to find support at $4.096 per million British thermal units, the session low, and resistance at $4.356, the high from July 7.

A weather system similar to the Polar Vortex from last winter will bring below-normal temperatures to the U.S. Midwest and head east this week, which sent natural gas prices dipping on Monday.

Below-normal temperatures this time of year cut into demand for air conditioning, which curbs demand for natural gas.

Supply data from last week pressured prices as well, though bottom fishing prevented prices from plummeting and stabilized the commodity.

The U.S. Energy Information Administration said in its weekly report last Thursday that natural gas storage in the U.S. in the week ending July 4 rose by 93 billion cubic feet, above expectations for an increase of 92 billion cubic feet.

The five-year average change for the week is an increase of 72 billion cubic feet.

Total U.S. natural gas storage stood at 2.022 trillion cubic feet. Stocks were 653 billion cubic feet less than last year at this time and 769 billion cubic feet below the five-year average of 2.791 trillion cubic feet for this time of year.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in August were down 0.22% at $100.61 a barrel, while heating oil for August delivery were up 0.14% at $2.8650 per gallon. - investing.com

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