US Gold futures prices finished pit trade lower, marking a fresh 2-wk low Monday.
The Key outside markets were Bearish precious metals, as the USD index was firmer and Crude Oil prices were weaker.
Jun Gold last traded off 10.00 at 1,632.80 oz.
Spot Gold was last quoted -10.10 at 1,632.75 oz.
May Comex Silver last traded off 1.036 at 30.615 oz.
Monday was a risk off trading day, as the EU is the focus again.
French elections Sunday showed President Sarkozy with a 2nd place finish behind a Leftist party candidate. Most believe a more liberal leadership in France would find that country backing off on its commitments to resolve the EU debt crisis.
There was also concern about the Netherlands' commitment to solidarity regarding getting the EU debt crisis under control. Plus, there was also very weak economic data coming out of the EU Monday that suggests the EU is in a recession.
The US had its own stock market worries as Wal Mart (NYSE:WMT) was accused of major bribery in Mexico.
All of this made for a tentative market Monday, Bearish for the stock markets and most raw commodity markets, including the precious metals.
The USD index was higher Monday but trading choppy. The Greenback Bulls and Bears are still in a Tug of War for near-term technical control.
Crude Oil futures prices were lower Monday, as price action has also been choppy. The Crude Oil Bulls and Bears are on a near-term level technical playing field in here.
WTI Crude Oil last traded -.088 at 103.00 (-0.85%)
These 2 Key outside markets (the USD and Crude Oil) were in a Bearish daily mode for precious metals Monday.
There were no major US economic data out Monday. But, the data pace picks up Tuesday as the Federal Open Market Committee of the Federal Reserve (FMOC) meets to discuss monetary policy. The meeting concludes early Wednesday afternoon with a statement from the meeting. That statement could be the most important US economic reading of the week for the precious metals markets.
The London PM Gold fixing was 1,629.00, vs. the prior London PM fixing at 1,641.50.
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.