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Apr Gold futures finished pit trade Wednesday lower and near the daily low on profit profit-taking. The Key outside markets turned from a Bullish tone for the precious metals in early dealings Wednesday, to a Bearish posture at the close.
The US Dollar index moved up off of its session low to trade near steady on the day. The Crude Oil market lost most of its early gains to trade just steady to firmer on the day.
Apr Gold last traded down 13.80 at 1,734.80 oz.
Spot Gold was last quoted down 12.50 at 1,733.00 oz.
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Mar Comex Silver last traded down 0.324 at 33.87 oz.
It was a "risk on" trading day in the market early Wednesday, which was mildly Bullish for precious metals, as the European Union sovereign debt crisis was perceived by the market place to be more stabilized.
A debt- restructuring deal between the Greek government and the private sector had been reported as very close to being agreed upon. But, a wire services reported in late morning trading that issues with the European Central Bank (ECB) may at least temporarily block any Greek debt-restructuring agreement.
The reports pressured the Euro currency and boosted the US Dollar index, and at the same time pressure Crude Oil and other commodity markets. Gold and Silver lost their daily gains and moved to below unchanged.
The US Dollar index tapped a 9-week low overnight, before staging a slow recovery Wednesday. The weaker Dollar index recently is a Bullish underlying force for the precious metals.
The Crude Oil Bulls have regained some upside near-term technical momentum recently, which is a positive for the precious metals. Crude Oil and the US Dollar index for now are the 2 Key outside markets that will generally have some daily influence on Gold and Silver price moves.
The London PM Gold fixing was 1,746.00 vs. the previous PM fixing of 1,724.00.
Technically Speaking:
Apr Gold futures prices closed near session lows on Wednesday. The Gold Bulls have the overall near-term technical advantage as trading has turned choppy. A 6 wk up-trend is still in place on the daily bar chart.
