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on May 11 2012 3:05 AM

Gold Silver and Crude Oil trade

US Gold futures prices finished pit trade higher Thursday as the precious Yellow metal, and the broad market bounced after 6 down days.

The Key Q on precious metals players minds is will the bargain hunters come in to the market, or will follow-through technical selling drive prices further South.

Jun Gold last traded + 2.30 at 1,596.50 oz.

Spot Gold was last quoted + 7.00 at 1,597.00 oz.

Jul Comex Silver last traded - 0.046 at 29.195 oz.

The USD index trading steady on Thursday on a corrective pullback from recent gains. The Greenback has benefited recently on safe-haven demand due to the EU uncertainty.

Crude Oil futures prices traded slightly higher Thursday on Short covering after hitting a 4.5-month low Wednesday.

Crude Oil remains in a Bearish fundamental and technical mode. These 2 Key markets continue to have a daily influence on the precious metals markets.

There was no major news coming out of the EU Thursday. EU officials did decide to disburse the latest tranche of bailout funds to Greece.

There are several EU countries' elections in the coming weeks and months, and they may turn out to be referendums on continuing to aid the debt-laded EU countries, or even if those debt-laden countries want to continue their own austerity programs.

This is a very serious matter and suggests the situation will deteriorate in the coming months. Again, my POV that serious escalation in the EU debt crisis that threatens to become a Worldwide debt contagion will be Bullish for Gold.

Overnight Goldman Sachs (NYSE:GS) reports overnight that it is Bullish on Gold, with a 6 month forecast to 1,840.00 oz.

The London PM Gold fixing was 1,598.50 vs the previous London PM fixing at 1,582.50

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.

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