US Gold futures finished pit trade lower Tuesday on some technical selling and options-related selling pressure.
Tuesday is the last trading day for the Jul Comex Gold options.
Aug Gold last traded - 14.80 at 1,573.60 oz.
Spot Gold was last quoted - 11.90 at 1,573.75 oz.
Jul Comex Silver last traded - 0.51 at 27.01 oz.
The overall market place was quiet Tuesday. Traders and investors are awaiting the EU Summit meeting that begins Thursday.
The main focus of that gathering will be the EU debt crisis and what to do about it. German leader Angela Merkel's hawkish comments on EU bailouts Monday lessened even more the already low expectations for this week's EU Summit meeting.
Italian and Spanish bond auctions Tuesday fetched still-higher yields, which is not a good signal. And Moody's late Monday downgraded over two dozen Spanish banks' credit ratings. Asian and European stocks were weaker overnight as risk aversion on the market place is still present.
The USD index traded choppy, and near unchanged Tuesday on some corrective selling from recent gains.
The Greenback Bulls have some upside near-term technical momentum.
Nymex Crude Oil futures prices were also near steady but still hovering near last week's 8.5-month low of 77.56 bbl. Crude Oil remains in a overall Bearish fundamental and technical mode.
WTI Crude Oil 79.09 (-0.12) ( -0.15%)
Reports overnight said that according to the International Monetary Fund, the central banks of Russia, Ukraine, Turkey and Kazakhstan boosted their official Gold reserves.
The London PM Gold fix is 1,576.00 vs. the prior London PM fixing at 1,570.00.
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.