Gold, Silver and Crude Oil Trading

US Gold futures prices finished pit trade lower and near the daily low on late-session Southside action.

The USD index rallied, the EUR currency fell, and Crude Oil prices weakened . Gold enjoying modest gains early in the session.

Aug Gold last traded off 16.50 at 1,554.70 oz.

Spot Gold was last quoted off 20.10 at 1,554.00 oz.

Jul Comex Silver last traded off 0.541 at 27.845 oz.

The market was tentative early Tuesday, following the US holiday weekend, and got more uneasy on the credit downgrade for Spain.

The Euro currency fell to a about a 2-yr low on the ratings downgrade news.

The latest EU debt and financial crisis developments saw the large Spanish bank, Bankia, given significant government bailout money over the weekend.

Some polls in Greece are showing the conservative party is ahead of the liberal party. It is believed that the conservatives will be more likely to support austerity measures in Greece. The EU situation is still tentative.

There were reports overnight that China is set to introduce fresh monetary stimulus measures to boost its economy, that will be raw commodity Bullish.

The main data of the week will be the US jobs report due out Friday morning. Trading in many markets could be subdued ahead of the report, and then turn more active after the report.

The USD index traded firmer Tuesday after a slow start, on new safe-haven buying in the wake of the downgrade of Spain.

The USD index hit a 21-month high last week. The USD index Bulls still have upside near-term technical momentum.

Nymex Crude Oil futures weakened Tuesday. Prices last week hit a 6.5-month low of 89.28 bbl. Crude Oil in a Bearish overall fundamental and technical posture.

WTI Crude 90.58 -0.28 ( -0.31%)

The London PM Gold fixing was 1,579.50 vs. the prior London PM fixing at 1,574.60.

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.