Gold, Silver and Crude Oil Trade
US Gold futures finished pit trade higher Monday on Short covering and bargain hunting.
Aug Gold last traded + 7.30 at 1,598.70 oz.
Spot Gold was last quoted + 3.00 at 1,598.25 oz.
Jul Comex Silver last traded + 0.104 at 28.575 oz.
Asian and EU stock markets were up overnight on optimism about the European Union sovereign debt crisis front. Eurozone finance ministers' Spain bank bailout deal worth 100-B Euros concern the market.
Spanish 10-yr bond yields are above 6% on Monday. Traders and investors await the Greek elections next Sunday.
There was some weak economic data coming out of Italy Monday to add to the ideas that the EU is in overall recession.
Monday, Goldman Sachs (NYSE:GS) forecasts that the raw commodity sector has bottomed, and commodity prices will begin to trend higher in coming months.
The USD index traded weaker Monday, off its early-session low. Prices hit a 3-wk low overnight and the Bulls are fading in here.
Nymex Crude Oil futures prices were lower Monday after starting out higher. Crude Oil is in an overall Bearish fundamental and technical mode.
WTI Crude Oil 82.63 -1.47 (-1.75%)
The London PM Gold fix is 1,584.00 vs the prior London PM fixing at 1,576.50.
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.