Gold, Silver and Crude Oil Trading
US Gold futures finished pit trade modestly lower Wednesday, and then extended the losses to moderate levels after the release of the FOMC meeting results in the afternoon.
The Gold Bulls are now fading technically and need new power to avoid near-term chart damage IMO.
Aug Gold last traded - 10.50 at $1,569.70 oz.
Spot Gold was last quoted - 25.60 at 1,571.00 oz.
Sept Comex Silver last traded + 0.063 at 26.95 oz.
Most market Bulls want the Fed to embark on another round of quantitative easing (QE-3) of monetary policy now, and were hoping in the FOMC minutes to find fresh hints from the Fed that such is coming soon, I believe it is.
The notable overnight news Wednesday was record low yields on German 10-yr bonds fetched Wednesday, at 1.31%. Such suggests investor uncertainty in the market. That uncertainty could provide for some fresh safe-haven demand for Gold in the near term.
The USD index was weaker early, then rallied to post moderate gains by Wednesday afternoon, helping to pressure the Gold market.
The Greenback Bulls have some upside near-term technical momentum in here.
Nymex Crude Oil futures prices are higher on Short covering and a Bullish weekly DOE energy stocks report. There are some early clues the Crude Oil market has put in a bottom.
WTI Crude Oil 86.13 + 2.22 (2.65%)
The London PM Gold fix is 1,577.00 vs the prior London PM fixing at 1,595.25.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.