Gold, Silver and Crude Oil Trade

US Gold futures finished pit trade sharply lower tapping a new 3-wk-low Thursday.

The Key outside markets were Bearish for precious metals Thursday, as the USD index posted strong gains, and Crude Oil prices hit a 8.5-month low.

It was a raw-commodity-market-Bearish risk-off day Thursday, following downbeat economic data coming out of China overnight and after Tuesday's FOMC report that showed an weak US economy.

The Gold Bears gained new Southside near-term technical momentum Thursday.

Aug Gold last traded off 48.00 at 1,567.80 oz.

Spot Gold was last quoted -39.50 at 1,567.75 oz.

Jul Comex Silver last traded off 1.484 at 26.915 oz.

The market was disappointed with the results of the FMOC meeting yesterday, most expected the Operation Twist would be extended, the downbeat assessment of the US economy from the US Fed was a surprise and sent caution through the market. Then overnight China announced weaker manufacturing activity to further depress the sentiment.

The FOMC and China manufacturing news overshadow the continuing European Union sovereign debt crisis.

Spanish bonds auctioned Thursday saw EU era record-high yields. It will not be long before the EU debt crisis is back in focus, and that could be good news for the Gold market Bulls. There has been new safe-haven buying interest in Gold recently when the EU debt crisis escalates.

The USD index was higher Thursday on safe-haven buying as the Greenback Bulls regained the Northside technical momentum.

Nymex Crude Oil futures prices finished lower Thursday at 8.5-month low of 78.47 bbl, cracking the support at 80.00. Crude Oil remains in an Bearish fundamental and technical mode.

Crude Oil (WTI) 78.32 -3.13 (-3.84%)

The London PM Gold fix is 1,582.00 vs the prior London PM fixing at 1,601.00

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.