US Gold futures finished pit trade higher Tuesday, as the market consolidates last Thursday and Friday's gains. The Gold Bulls still have some upside near-term technical momentum now.
Aug Gold last traded + 5.50 at 1,619.40 oz.
Spot Gold was last quoted -0.40 at 1,618.50 oz.
Jul Comex Silver last traded + 0.478 at 28.485 oz.
The overall market was quiet Tuesday, no major, market-moving developments in focus.
There was a Group of Seven (G-7) teleconference Tuesday to discuss the EU debt and financial crisis, the US urged the EU to be more aggressive in dealing with its problems.
The Key events traders await this week are: a European Central Bank officials meeting Wednesday and US Federal Reserve Chairman Ben Bernanke's testimony before US lawmakers Thursday.
There is more disappointing economic report from Spain, as its services sector PMI fell sharply.
The overall EU services PMI came in better than expected but was weak.
China received a positive economic report overnight as services activity rose to a 19-month high.
The USD index traded higher Tuesday, on safe-haven demand moving to the Greenback. The USD index Bulls have the Northside near-term technical momentum in here.
Nymex Crude Oil futures were slightly higher on Short covering Tuesday, after hitting an 8-month low at 81.21 bbl Monday.
WTI Crude Oil 84.39 +0.41 (0.49%)
Crude Oil is in full Bear mode, for a fundamental and technical POV. The overall postures of the USD index and Crude Oil are underlying Bearish factors for the raw commodity sector.
The London markets were closed Tuesday for a public holiday.
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.