US Gold futures prices finished pit trade lower Tuesday. Some profit-taking and position squaring offset new safe-haven demand.
The market is waiting the results of the latest FOMC meeting, that began Tuesday morning and ends mid-day Wednesday.
Aug Gold last traded - 3.60 at 1,623.40 oz.
Spot Gold was last quoted -6.10 at 1,623.00 oz.
Jul Comex Silver last traded -0.0236 at 28.435 oz.
The market calmed with risk-on mentality Tuesday following the weekend Greek elections that have at least temporarily assuaged the EU debt and financial crisis.
There were reports Tuesday that Greece will form a new coalition government Wednesday. In other EU-related news Tuesday, the German economic expectations survey declined at fastest rate in over a year. Spanish bond yields were down from recent highs as there are rumors the European Central Bank is stepping in to buy those bonds.
A Spanish auction of shorter-term debt went well Tuesday. There have been no major developments announced yet G-20 meeting in Mexico.
Traders and investors are awaiting the conclusion of the US Federal Reserve's Federal Open Market Committee meeting and its statement Wednesday afternoon.
The US Fed is determining its next course of US monetary policy, downbeat US data led to expectations for further easing of US monetary policy. Most feel the Fed will implement some form of fresh easing of US monetary policy at this week's meeting. The Key will be how aggressive the Fed will respond with new easing.
The USD index traded sharply lower Tuesday hitting a new 4 wk low. The Greenback Bulls are fading.
Nymex Crude Oil futures prices were firmer Tuesday. Crude Oil remains in an overall Bearish fundamental and technical mode IMO.
WTI Crude Oil 84.03 +0.76 (+ 0.91%)
These 2 Key outside markets were in a Bullish posture for the precious metals on Tuesday.
The London PM Gold fix is 1,625.50 vs the prior London PM fixing at 1,615.50.
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.