Asia Gold, Silver and Crude Oil Prices and Trading

By Roger Baettig | October 03 2012 7:08 PM

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US Gold prices finished pit trade a bit higher Wednesday. The Gold Bulls were impressed by the precious Yellow metal’s ability to hold on to gains despite Bearish outside markets that included a firmer USD index and sharply lower Crude Oil prices.

Gold and Silver Bulls have the near-term technical control as the market awaits new fundamentals ahead.

Dec Gold last traded + 3.40 at 1,779.00 oz.

Spot Gold was last quoted + 2.90 at 1,778.00 oz

Dec Comex Silver last traded -0.044 at 32.62 oz..

The market was quiet Wednesday. US economic data saw no surprises, the precious metals showed little reaction.

There was some more weak economic data coming out of China overnight, as the Chinese non-manufacturing purchasing managers index fell in September, while consumer sentiment also weakened last month.

Retail sales data in the 17 countries of the Eurozone rose a bit in August, for the 4th straight monthly gainer.

China is on Holiday this week, celebrating Golden Week.

There will be important US economic data released Thursday and Friday, including the FOMC minutes on Thursday and the employment report on Friday.

The investors will be focused on the US Presidential debate Wednesday evening (8 p EDT)

In Europe, the European Central Bank and Bank of England hold meetings Thursday. The Bank of Japan holds its monthly meeting Thursday and Friday.

The USD index firmed Wednesday, on Short covering in a Bear market. The Greenback Bears have the near-term technical advantage in here

Nymex Crude Oil prices were sharply lower Wednesday. The Crude Oil Bears gained new downside near-term technical momentum Wednesday and broke through the 90 bbl psych support during the session.

WTI Crude Oil 88.60 -3.29 ( -3.58%)

The 2 Key outside markets continue to have influence on Gold and Silver prices.

The London PM Gold fixing is 1,775.25 vs. the prior PM fixing at 1,775.50.

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.