US Gold futures prices finished pit trade higher Tuesday on Short covering, bargain hunting, technical buying and new safe-haven investment demand.
Aug Gold last traded + 15.20 at 1,612.00 oz.
Spot Gold was last quoted + 14.80 at 1,611.50 oz.
Jul Comex silver last traded + 0.259 at 28.875 oz.
Traders were in a risk-on mode Tuesday, as seen by firmed up US stock index prices and weaker US Treasury prices.
Traders are anxious ahead of Sunday's Greek elections. There was fresh safe-haven investment demand surface Tuesday due to the EU situation.
Gold market Bulls were pleased to see their metal act more like a safe-haven asset Tuesday.
In other news, reports overnight said investors are starting to put money back into Gold-related exchange traded funds.
There are reports of better demand for physical Gold coming out of Asian countries including China
The USD index traded mixed and then slightly lower on Tuesday. The Greenback Bulls are fading in here.
Nymex Crude Oil futures prices were mixed to firmer on Monday after hitting a fresh 8-month low overnight.
Crude Oil remains in an overall Bearish fundamental and technical mode.
WTI Oil 83.32 +0.62 (0.75%)
The London Gold fix is 1,603.50 vs the prior London PM fixing at 1,584.00.
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.