Gold, Silver, Copper and Crude Oil trading

US Gold futures finished pit trade Wednesday with modest gains on safe-haven demand, technical buying and short covering.

The Gold market got a boost from the release new, weak US economic data Wednesday morning, which bolstered the thoughts that the US Federal Reserve will initiate another round of quantitative easing (QE-3), commodity-market-bullish.

Aug Gold last traded + 6.40 at 1,620.20 oz.

Spot Gold was last quoted + 9.10 at 1,619.50 oz.

Jul Comex Silver last traded -0.054 at 28.895 oz.

European stock markets were steady in a consolidation mode too, Asian markets traded up overnight.

US stock indexes saw some price consolidation on the daily charts and are trading lower in the afternoon Wednesday.

Traders and investors await the Greek elections Sunday.

It was reported Wednesday that Eurozone industrial output fell sharply in April, which is in line with recent weak data coming out of the European Union.

France is presently in economic emergency, says its industry minister. Traders are also anticipating data from an OPEC Oil ministers meeting Thursday.

The USD index traded lower Wednesday. The Greenback Bulls are fading, no serious chart damage has occurred yet.

Nymex Crude Oil futures prices were modestly lower Wednesday. Crude Oil is in an overall Bearish fundamental and technical mode.

WTI Crude Oil 82.59 -0.73 (-0.88%)

The London PM Gold fix is 1,619.50 vs the prior London PP fixing at 1,603.50.

Technically Speaking

Aug Gold futures prices closed near the session high Wednesday. Gold market Bulls and Bears are about level technically in here.

The Gold Bulls' next Northside price breakout objective is to produce a close above Key technical resistance at the June high of 1,642.40.

Gold Bears' next near-term south side price objective is closing prices below Key technical support at last week's low of 1,556.40.

1st resistance is at Wednesday's high of 1,626.00 and then at 1,632.00.

1st support is at Wednesday's low of 1,607.00 and then at 1,600.00.

Jul Silver futures prices closed mid-range on Wednesday. The Silver Bears have the near-term technical advantage in there.

The Silver Bulls' next Northside price breakout objective is closing prices above major psych resistance at 30.00 oz.

The Silver Bears next Southside price breakout objective is closing prices below Key technical support at the June low of 27.17.

1st resistance is at Wednesday's high of 29.095 and then at 29.50.

1st support is seen at this week's low of 28.255 and then at 28.00.

Jul NY Copper closed down 80 pts 332.75 cents Wednesday. Prices closed nearer the session low.

The Copper Bears have the overall near-term technical advantage in here. Prices are in a 10-wk-old downtrend on the daily bar chart.

The Copper Bulls' next Northside breakout objective is pushing and closing prices above Key technical resistance at 345.00 cents.

The next Southside price breakout objective for the Bears is closing prices below Key technical support at the contract low of 308.00 cents.

1st resistance is at Wednesday's high of 336.95 cents and then at this week's high of 340.00 cents.

1st support is at 330.00 cents and then at 326.35 cents.

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.