Gold, Silver, and Crude Oil Trading Wrap Up

US Gold futures prices ended pit trade lower Wednesday, as the Key outside markets were in a Bearish mood for the precious metals sector, the UDS index firmed and Crude Oil prices were off.

Trading in the metals markets has been technical in nature overall recently, and the near-term Technicals in the precious metals are biased to the Bears.

Jun Gold last traded -11.20 at 1,639.70 oz.

Spot Gold was last quoted -11.00 at 1,639.59 oz.

May Comex Silver last traded - 0.209 at 31.46 oz.

The risk appetite in the market was slightly flat Wednesday. Traders are cautious ahead of Thursday's Spanish bond auction. While an auction of shorter-term Spanish debt Tuesday was well-received, Thursday's offering has traders worried. That weakened the European stock markets, and has pressured the US stock indexes and commodity markets.

The market is looking more concerned over the EU debt crisis again, and traders are wondering if it will soon turn into a major Front Street issue. Any serious escalation in the EU debt crisis is likely to prompt fresh safe-haven demand for Gold IMO.

The USD index firmed Wednesday. The Greenback Bulls and Bears are tugging for near-term technical control.

The stronger USD index Wednesday is Bearish for precious metals. Crude Oil futures prices traded lower Wednesday which was also a negative for Gold and Silver.

WTI Crude Oil 102.64 -1.56 (-1.50%)

The London PM Gold fixing was 1,644.00, vs. the previous London PM fixing at 1,635.50.

Technically speaking;

Jun Gold futures prices closed nearer the session low Wednesday. The Gold Bears have the near-term technical advantage.

Prices are in a 6 wk old downtrend on the daily bar chart. The Gold Bulls' next Northside price breakout objective is to produce a close above Key technical resistance at the April high of 1,685.40.

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The Gold Bears' next near-term Southside price objective is closing prices below Key technical support at the April low of 1,613.00.

1st resistance is at Wednesday's high at 1,655.20 and next this week's high of 1,659.60.

1st support is seen at 1,635.20 and then at last week's low of 1,632.50. .

May Silver futures prices also closed near the session low Wednesday. The Silver Bears have the slight near-term technical advantage. The Silver Bulls' next Northside price breakout objective is closing prices above Key technical resistance at the April high of 33.295 oz. The next Southside price breakout objective for the Silver Bears is closing prices below solid technical support at the April low of 30.98.

1st resistance is seen at this week's high of 31.91 and then at last week's high of 32.58.

1st support is seen at this week's low of 31.175 and next at 30.98.

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.