Asia Preview: Gold, Silver, and Crude Oil

 
on August 29 2012 4:48 AM

Gold, Silver, and Crude Oil Trading

US Gold futures finished pit trade modestly lower Tuesday on consolidation following last week's strong price gains.

Bullish outside markets Tuesday limited selling pressure in precious metals, as the USD index was lower and Crude Oil prices firmed.

The market place, overall, remains quieter as traders and investors await Key central bank meetings in the coming days.

Dec Gold last traded down 6.40 at 1,669.20 oz.

Spot Gold was last quoted + 3.10 at 1,667.25 oz.

Dec Comex Silver last traded - 0.197 at 30.94 oz.

The Gold market did move up from its daily lows when a weaker-than-expected US consumer confidence index reading was released Tuesday morning.

The report bolstered ideas the US Fed will make a fresh monetary stimulus move in the near term.

Indeed, the market place remains focused on the Fed's annual symposium at Jackson Hole, WY later this week. Fed Chairman Ben Bernanke speaks at the event Friday.

Reports Tuesday said European Central Bank president Mario Draghi will not attend the Jackson Hole Fed meeting because he is too busy. Some had reckoned Draghi's remarks at Jackson Hole would be as important as Bernanke's. Draghi's cancellation also raised the specter that he could make a big announcement at next week's monthly European Central Bank meeting 6 September.

In overnight news: Asian stocks were mixed, with no major new fundamental news to drive prices. European stocks were slightly lower on news that Spain's economic growth was negative in the Q-2 .

The USD index was lower Tuesday. The "Greenback Bears" have the slight near-term technical advantage as a 5 wk-old downtrend line is in place on the daily bar chart.

Crude Oil prices were firmer Tuesday. Crude Oil Bulls still have some upside near-term technical momentum.

WTI Crude Oil 96.26 0.79 (0.83%)

The precious metals markets will continue to look closely at how these 2 Key outside markets trade on a daily.

The London PM Gold fixing is 1,668.00 vs the prior PM fixing of 1,667.00

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.

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