Gold Silver and Crude Oil trading
US Gold futures finished pit trade lower Thursday. The sharply higher USD index pressured the precious metals Thursday.
Easing moves by the world's major central banks Thursday are viewed as Bullish for the raw commodity markets, including Gold and Silver.
Aug Gold last traded off 12.60 at 1,609.20 oz.
Spot Gold was last quoted - 7.40 at 1,609.75 oz.
Sept Comex Silver last traded off 0.56 at 27.72 oz.
The People's Bank of China cut its Key deposit rate by 0.25%, to 3%. The Chinese central bank is looking to keep the world's 2nd-biggest economy from contracting too fast.
The Bank of England announced it is easing its monetary policy by increasing its bond-buying program.
The European Central Banking meeting Thursday resulted in a 0.25% rate cut, as expected.
The Danish central bank also cut its Key interest rates.
The central bank moves laid groundwork for the US to ease again too with more QE.
Most savvy observers see the further easing of monetary policies by the major central banks of the world aka printing money, will be Bullish for the raw commodity markets, including the precious metals, due to the inflationary implications of the easing.
Traders now await Friday morning's US jobs report. The most closely watched non-farm payrolls figure of the report is expected to have increased by around 90,000 in June. However, the non-jobs figure may come in better than that, as Thursday's ADP employment report showed a rise of around 175,000.
The USD index traded higher Thursday after the major central bank moves. The Greenback Bulls have the overall near-term technical advantage in here, having made a decent recovery from last week's selling pressure and gained some fresh upside technical momentum on the day.
Nymex Crude Oil futures prices finished lower after hitting a 5-wk high overnight. There are early clues the Crude Oil market has put in a bottom.
WTI Crude Oil 86.87 -0.79 (-0.90%)
The London PM Gold fix is 1,604.00 vs the prior London PM fixing at 1,613.50.
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.