US Gold futures finished pit trade sharply lower, tapping a 4 wk low Thursday. The USD index rallied and Crude Oil sold off during the session Thursday, putting the 2 Key outside markets in a Bearish mode for precious metals.
Aug Gold futures also saw some fresh technical selling pressure develop as the Bears gained some downside near-term technical momentum.
Aug Gold last traded off 29.90 at 1,548.50 oz.
Spot Gold was last quoted - 26.00 at 1,548.75 oz.
Jul Comex Silver last traded off 0.847 at 26.095 oz.
Thursday is the 1st day of the EU Summit meeting in Brussels, expectations are so low that many beleive any positive news coming out of the gathering could rally World stock markets. European and US stock markets were weaker on Thursday.
There was a news report out late Thursday morning that the German finance minister said at the EU meeting Germany may be willing to share the debt load of the EU if certain conditions are met. That contradicts comments this week from German Chancellor Angela Merkel.
In EU business and consumer confidence survey showed a dampened mood throughout the EU region, while a German labor market report showed a weakening job sector.
There are reports in the press Thursday that Turkey sent a military convoy to Syrian border following Syria shooting down a Turkish jet. If a military exchange between those 2 countries occurs, Gold could see fresh safe-haven demand.
Thursday's US Supreme Court ruling affirming the constitutionality of President Obama's health care plan had no reaction in the precious metals markets.
The USD index was higher Thursday morning tapping a 2-wk high. The Greenback Bulls have some upside near-term technical momentum.
Nymex Crude Oil futures prices were sharply lower. Crude Oil remains in a overall Bearish fundamental and technical mode.
WTI Crude Oil 77.49 -2.72 (-3.39%)
The London PM Gold fix is 1,558.50 vs the prior London PM fixing at 1,573.50
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.