Asia Preview Gold, Silver, Copper and Crude Oil trading
US Gold futures prices finished pit trade Wednesday higher and near the daily high on short covering, bargain hunting, and safe-haven buying.
Key outside markets were Bearish posture for precious metals Wednesday, but Gold posted good gains, signaling safe-haven buying coming into the Gold market.
Aug Gold last traded + 15.00 at 1,566.00 oz.
Spot Gold was last quoted + 9.50 at 1,565.00 oz.
Jul Comex silver last traded up 0.214 at 28.005 oz.
Wednesday's rebound in Gold price points to the EU sovereign debt and financial crisis exclating soon, then the precious Yellow metal will likely see stron safe-haven investment demand, driving the price higher.
The USD index and US Treasury prices traded higher with the 10-year T-Notes hitting a record low yield Wednesday.
The main data point of the week is the US jobs report due out Friday morning. Trading in many markets could be more subdued ahead of that report, and then turn active after of the report.
The Key non-farm payrolls figure in the jobs report is expected to have gained around 150,000 in May.
The USD index traded higher Wednesday and hit a 22-month high. The USD index Bulls have good Northside near-term technical momentum on safe-haven demand.
Nymex Crude Oil futures were sharply lower and hit a fresh 6.5-month low of 87.49 bbl overnight. Crude Oil remains in a fully Bearish overall fundamental and technical posture.
WTI Crude Oil 87.60 ( -3.16) -3.48%
The London PM Gold fixing was 1,540.00 vs. the prior London PM fixing at 1,579.50.
Aug Gold futures prices closed nearer session's high Wednesday. Gold market Bulls are encouraged by the market's ability to hold above strong chart support at the May low of 1,529.30.
Gold Bears do still have the overall near-term technical advantage. A 3-month-old downtrend 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 Bears' next near-term Southside price objective is closing prices below Key technical support at the May low of 1,529.30.
1st resistance is at 1,575.00 and then at this week's high of 1,585.70.
1st support is at 1,550.00 and then at 1,540.00.
Jul Silver futures prices closed nearer the session high on Wednesday on short covering and bargain hunting.
Silver Bears have the solid overall near-term technical advantage for now. A 3-month-old downtrend is in place on the daily bar chart.
The Silver Bulls' next Northside price breakout objective is closing prices above Key technical resistance at 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 28.50 and then at this week's high of 28.76.
1st support is at 27.71 and then at Wednesday's low of 27.355.
Jul NY Copper closed down 715 pts 339.10 cents Wednesday. Prices closed nearer the session low and hit a 5.5-month low.
The Key outside markets were Bearish Copper Wednesday; the USD index was higher and Crude Oil prices were lower.
Copper Bears have the overall near-term technical advantage and gained the Southside momentum Wednesday.
Prices are in a 4-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 this week's high of 350.85 cents.
The next Southside price breakout objective for the Bears is closing prices below Key technical support at the Dec low of 327.00 cents.
1st resistance is at 340.00 cents and then at 343.00 cents.
1st support is at Wednesday's low of 337.25 cents and then at 335.00 cents.
Economist Shayne Heffernan of www.livetradingnews.com Market Outlook.
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.