Asia Gold, Silver and Crude Oil Trade

Spot Gold was last quoted + 1.70 at 1,619.75 oz.

Jul Comex Silver last traded - 0.451 at 28.49 oz.

EU finance ministers will be on standby for a conference call after the Greek elections Sunday. There are also reports of an EU contingency plan for Greece to exit the Euro currency. There are rumors Thursday that the for the bailout party is leading the polling.

Gold had support Thursday on more weak US economic data, downbeat US data has led to growing expectations for QE-3.

The US Federal Reserve's FOMC meets next week Tuesday to discuss monetary policy.

Gains in Gold were limited on reports German Bundesbank president and European Central Bank official Jens Weidmann said the ECB should be keener on keeping inflation in check. His comments suggest at least he is not in favor of more monetary stimulus measures from the ECB.

Overnight news: Spanish 10-yr T-Bond yields pushed above 7% on new ratings agency downgrades for Spain's sovereign debt.

The USD index traded lower Thursday, which was also a positive for precious metals.

Nymex Crude Oil futures prices were firmer Thursday. Crude Oil remains in an overall Bearish fundamental and technical posture.

WTI Crude Oil 84.09 +1.47 (1.78%)

The London PM Gold fix is 1,613.50 vs the prior London PM fixing at 1,619.50.

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.