Gold, Silver and Crude Oil Trading
US Gold futures prices finished pit trade a bit higher, but off the early session highs Thursday.
A strengthening USD index prompted the precious Yellow metal to back off its daily high.
Jun Gold last traded + 5.00 at 1,553.00 oz.
Spot Gold was last quoted minus 10.30 at 1,552.50 oz
Jul Comex Silver last traded + 0.521 at 28.04 oz.
Trading Friday will be extra important for many markets, including the precious metals, heading into the 3-day US Memorial Day weekend.
There was nothing major out of EU Summit meeting Wednesday. German Chancellor Merkel is against a Euro bond issue as a part of shoring up the EU's financial and debt problems.
The Euro currency hit a near 2-yr low vs the USD Thursday, plus there was more weak economic data coming out of China overnight that signals the likelihood of aggressive stimulus on the horizon.
The Gold market Bulls got a boost overnight as the International Monetary Fund (IMF) reported several countries have added to their official Gold reserves.
The USD index traded steady early Thursday, and then rallied as the day moved on, hitting a new 21-month high, on more safe-haven buying interest as the Euro currency slumps.
The USD index Bulls have the Northside near-term technical momentum back now.
Nymex Crude Oil futures saw some Short covering on Thursday after prices hit another 6.5-month low at 89 bbl Wednesday. Crude Oil is still in a Bearish overall fundamental and technical mode.
WTI Crude Oil 90.64 + 0.74 (0.82%)
The London PM Gold fixing was 1,568.50 vs the prior London PM fixing at 1,549.00.
Economist Shayne Heffernan of www.livetradingnews.com Market Outlook.
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.