Asia looks at Gold, Silver, Copper and Crude Oil Trade
US Gold futures prices finished pit trade sharply lower on Wednesday as the Bulls faded after showing a bit of strength late last week.
Precious metals, like other raw commodity markets, were pressured by risk-aversion in the market Wednesday, including Bearish outside markets a sharply higher USD Index and sharply lower Crude Oil prices.
Jun Gold last traded off 28.60 at 1,548.00 oz.
Spot Gold was last quoted off 20.10 at 1,548.75 oz.
Jul Comex Silver last traded off 0.704 at 27.48 oz.
The market was in a solid risk-off mode on Wednesday, and was awaiting pronouncements regarding Greece coming out of a EU leaders' Summit meeting in Brussels Wednesday evening.
There was a rumor late Tuesday night that a former Greek PM (no name mentioned) said there are official discussions taking place regarding Greece possibly leaving the European Union.
German bond yields hit another record low at the latest auctions Wednesday, which is another sign of the keen risk-aversion in the market place.
Also, Wednesday the major Western powers met with Iran in Baghdad, regarding its nuclear program. The early talk is that the Baghdad meeting saw progress, which will be Bearish news for the Crude Oil market.
Nymex Crude Oil futures prices hit another 6.5-month low of 89.28 bbl Wednesday. Crude Oil remains in a fully Bearish fundamental and technical mode.
WTI Oil 90.32 -1.53 (-1.67%)
The USD index traded sharply higher Wednesday and hit a fresh 20-month high, on safe-haven buying interest as the Euro currency slumps.
The USD index Bulls have strong upside near-term technical momentum and that remains a Bearish underlying factor for precious metals.
Precious metals traders and investors are closely monitoring US, EU and Chinese economic data for early clues on monetary policy actions from the central banks.
The London PM Gold fixing was 1,549.00 vs the prior London PM fixing at 1,582.50.
US Jun Gold futures prices closed nearer the session low Wednesday. Bulls faded after showing some strength late last week.
Gold Bears now have the near-term technical advantage IMO. An 11-wk old down-trend is in place on the daily bar chart.
The Gold Bulls' next Northside price breakout objective is to produce a close above psych resistance at 1,600.00.
The Gold Bears' next near-term Southside price objective is a closing price below Key technical support at last week's low at 1,526.70.
1st resistance is at 1,560.00, and then Wednesday's high of 1,568.50.
1st support is at Wednesday's low of 1,532.80, and then 1,526.70.
US Jul Silver futures prices closed near session lows Wednesday. Silver prices are in an 11-wk old down-trend on the daily bar chart too.
The Silver Bears have the near-term technical advantage IMO.
The Silver Bulls' next Northside price breakout objective is closing prices above Key technical resistance at last week's high of 29.00 oz
The next Southside price breakout objective for the Bears is closing prices below Key technical support at the December low of 26.50.
1st resistance is at 28.00, and then at Wednesday's high of 28.17.
1st support is at Wednesday's low of 27.08 and then 27.00.
Jul NY Copper closed off 715 points 341.70 cents on Wednesday.
Prices closed nearer the session low and hit a new 5-month low. The Key outside markets were overall Bearish Copper Wednesday, as the USD index was sharply higher and Crude Oil prices were sharply lower.
The Copper Bears have the near-term technical advantage gaining more power today.
The Copper Bulls' next Northside breakout objective is pushing and closing prices above the key technical resistance at 357.75 cents.
The next Southside price breakout objective for the Bears is closing prices below Key technical support at the December low of 327.00 cents.
1st resistance is at 345.00 cents and then at Wednesday's high at 347.75 cents.
1st support is at Wednesday's low of 338.65 cents and then at 335.00 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.