Gold, Silver and Crude Oil
US Gold futures finished higher Tuesday. Gold and Silver came off their daily highs on some mild profit-taking pressure later in the session.
The precious metals continue to hang near their 6.5-month highs as Gold and Silver Bulls maintain their strong near-term technical advantage.
Dec Gold last traded + 2.40 at 1,767.00 oz.
Spot Gold was last quoted steady at 1,765.00 oz.
Dec Comex Silver last traded off 0.024 at 33.955 oz.
New US economic data released Tuesday had no major impact on precious metals or the rest of the market either.
In overnight developments there was also nothing major or market-moving. There was a more upbeat consumer confidence report coming out of Germany, following recent weaker data coming from the European Union’s largest economy.
Reports said Spain will announce a new budget and reform plan Thursday, while Greece will do the same later this week. Fresh comments from European Central Bank president Draghi and German chancellor Merkel were not deemed new or market-moving Tuesday.
The USD index was a bit higher Tuesday, on more Short covering and on some perceived safe-haven demand for the Greenback.
The US Bears still have the overall near-term technical advantage as a 9 wk-old downtrend line remains in place on the daily bar chart.
Nymex Crude Oil prices weakened Tuesday. Crude Oil Bears have some downside momentum to suggest a near-term market top is in place.
WTI Crude Oil 91.47 -0.46 (-0.50%)
These 2 Key outside markets will continue to have a significant daily influence on precious metals prices.
The London PM Gold fixing is 1,771.50 vs the prior PM fixing at 1,762.50.
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.