Commodities News: Gold, Silver and Crude Oil

   on September 01 2011 1:52 AM

 

On the Commodities Front: Gold, Silver and Crude Oil

Wednesday saw a uneventful session for Dec Gold, which settled slightly lower at 1831.70, and Sept Silver, gained 0.4% to finish at 41.77, as both metals chopped around the flat line all session long.

The precious metals managed to rally off the flat line to put in highs intra-day, at 1842.70 and 42.09 respectively, but were unable to hold on to most of those gains after pulling back toward the flat line heading into the close.

Trade tomorrow could be muted as well as the markets await Friday's jobs data.

Like the trade in Gold and Silver, Crude Oil settled near unchanged at 88.81 bbl.

This morning's inventory data showed a larger than expected build in Crude Oil inventories, and a larger than expected draw down in gasoline inventories and that caused for little reaction in futures, which closed just above unchanged.

Oct Nat Gas rallied 3.7% to settle at$4.05 per MMBtu. Nat gas turned its attention to tropical storm Katia, currently out in the Atlantic.

The NHC updated its forecast today, which said Katia is likely to become a hurricane later today.

Futures put in highs at 4.07 in morning trade, the best levels since August 12, and spent the remainder of the day chopping around just shy of those marks.

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.

www.livetradingnews.com

 

Join the Discussion