Gold, Silver and Crude Oil Trade

US Gold prices finished pit trade a bit lower Tuesday on consolidation following Monday’s gains that saw prices hit a 7 month high.

The Gold and Silver Bulls are in near term technical control.

Dec Gold last traded down 6.50 at 1,776.80 oz.

Spot Gold was last quoted down 0.80 at 1,775.25 oz.

Dec Comex Silver last traded down 0.282 at 34.67 oz.

It was a quiet day in the market Tuesday.

China is on Holiday this week, celebrating Golden Week.

Later in the week that will be some important US economic data reports; including the FOMC minutes on Thursday and the employment report Friday.

The market will be focused on the US presidential debate Wednesday night.

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

Trading overseas overnight was also quiet.

The Reserve Bank of Australia cut its interest rate by 0.25%, to 3.25%.

Eurozone economic data released Tuesday showed producer price inflation rose sharply in August, mainly due to higher Crude Oil prices. The annual rise in producer prices came in at a 2.7% rate vs. 1.6% in July. Traders in Europe are still waiting for Spain to formally seek EU bailout assistance, but reports said that will not happen this week.

The USD index was weaker Tuesday. The Greenback Bears have the overall near-term technical advantage.

Nymex Crude Oil prices were slightly lower Tuesday. Crude Oil Bulls and Bears are on a level near-term technical playing field.

WTI Crude Oil 91.89 -0.59 (-0.64%)

These 2 Key outside markets have a daily influence on Gold and Silver prices.

The London PM Gold fixing is 1,775.50 vs the prior fixing at 1,787.00.

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.

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