Analyst Paul Ebeling of takes a look at Gold, Silver and Crude Oil Prices

US Gold prices finished pit trade higher Wednesday, bargain hunters again stepped up to buy the dip.

The Key outside markets were mildly Bullish for precious metals Wednesday, as the USD index was weaker and Crude Oil prices firmed.

The focus of the market is turning from the Superstorm that lashed the US East Coast, to critical economic data that is scheduled to come out of China and the US this week.

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Dec Gold last traded + 8.00 at 1,720.00 oz.

Spot Gold was last quoted + 10.90 at 1,720.50 oz.

Dec Comex Silver last traded + 0.469 at 32.285 oz.

After a 2-day closure, the New York exchanges re-opened smoothly Wednesday.

Focus of the market has turned to the US employment report due Friday morning, and China manufacturing data due Thursday. Both reports could be significant market-movers for the precious metals.

Overnight: European stocks markets were firmer in quiet trade, as the Europeans also awaited the opening of the New York markets. Asian stocks firmed, with Japan’s stock market rebounding from a sharp decline Tuesday, after the new Bank of Japan stimulus announcement.

The USD index traded a bit lower Wednesday. The USD Bears have the overall near-term technical advantage and are regaining some downside technical momentum this week.

Nymex Crude Oil prices were slightly higher but just above Monday’s 4-month low.

Crude Oil (WTI) 86.44 +0.76 0.89%

The weekly DOE energy stocks report, normally released on Wednesday, has been delayed by 1 day due to the storm.

The Crude Oil Bears have the overall near-term technical advantage. These 2 Key outside markets will continue to have a significant daily influence on Gold and Silver prices.

The London PM Gold fixing is 1,719.00 Vs the prior PM fixing at 1,710.00.


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.

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