Gold, Silver and Crude Oil Trading
US Gold futures finished pit trade higher Wednesday in quiet trading.
The market is waiting for fundamental news in here. Several US. economic reports released Wednesday did not affect precious metals.
Dec Gold last traded + 4.00 at 1,606.40 oz.
Spot Gold was last quoted + 5.00 at 1,604.50.
Sept Comex Silver last traded + 0.022 at 27.785 oz.
Lots of participants are on the sidelines now waiting to see if the US Federal Reserve will act to implement another round of QE. Once it came out of the Fed's Jackson Hole, WY annual meet in late-August, or at the next meeting of the FMOC meet in September, we have to wait and see, meantime the markets "mark time."
There were reports overnight that George Soros and John Paulson have significantly increased their holdings in the largest Gold-backed exchange traded fund, SPDR Gold Trust, this is considered the "smart money" in the market. They are known bargain hunters, and look for Gold prices to appreciate in here.
The USD index was higher Wednesday, which limited buying interest in the precious metals. The "Greenback" is seeing choppy trading in here, but the Bulls still have the near-term technical advantage.
Crude Oil prices finished higher Wednesday, supportive for the metals. Crude Oil Bulls still have the Northside near-term technical momentum on their side.
WTI Crude Oil 94.20 +0.77 ( 0.82%)
The precious metals markets will continue to watch these 2 Key outside markets trade on a daily..
The London PM Gold fix is 1,601.75 vs the prior London PM fix at 1,597.75.
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.