Gold, Silver, Copper and Crude Oil Trading
Gold futures prices finished US pit trade higher on Wednesday. The market saw an upside corrective rebound and some bargain-hunting buying interest following recent strong selling pressure that sent prices to a 6-wk low on Tuesday.
The Key outside markets were Bullish for the precious metals markets Wednesday, as the USD index was weaker and Crude Oil prices higher.
Apr Gold last traded + 11.30 at 1,683.40 oz.
Spot Gold was last quoted + 7.90 at 1,683.00 oz.
May Comex Silver last traded + 0.602 at 33.385 oz.
Reports that the Greek bond-debt swaps proceeded in an orderly fashion helped the commodity markets Wednesday, including the precious metals, but, the weak economic data coming out of the EU raised worries about the EU slipping back into economic recession.
The EU debt crisis will not be resolved any time soon and it remains a major underlying Bullish factor for safe-haven Gold IMO.
The USD index finished lower on Wednesday, which was supportive for precious metals. The Greenback Bulls have gained some upside near-term technical momentum recently.
Nymex Crude Oil futures prices traded higher Wednesday, which was also a positive factor for Gold and Silver.
WTI last traded at 106.39 + 1.79 on the day.
The USD index and Crude Oil will remain 2 important outside market forces that continue to have a daily influence on the precious metals markets.
The London PM Gold fixing was 1,677.50 vs. the previous PM fixing of 1,669.00.
Apr Gold futures prices closed nearer the session high Wednesday. Near-term technical chart damage was put in recently but I see no long term chart damage, the up trend is in place. The downside move was a healthy correction in this Bull Market IMO.
The Gold Bulls need to show power soon to avoid more chart damage.
The Gold Bulls' next Northside price breakout objective is to produce a close above Key technical resistance at 1,727.30.
The Gold Bears' next near-term Southside price objective is closing prices below Key technical support at 1,650.00.
1st resistance is seen at 1,688.40 and then 1,700.00.
1st support is seen at 1,671.70 and then 1,663.40.
May Silver futures prices closed near the session high Wednesday and saw a corrective Northside bounce after hitting a 6-wk low Tuesday.
The Silver Bull's next Northside price breakout objective is closing prices above Key technical resistance at 35.00.
The next Southside price breakout objective for the Silver Bears is closing prices below Key technical support at 31.00.
1st resistance is seen at Wednesday's high of 33.61 and at 34.00.
1st support is seen at 33.00 and then at 32.755.
May NY Copper closed + 270 pts 376.45 cents Wednesday. Prices closed nearer the session high on a corrective rebound from strong selling pressure Monday and Tuesday.
The Key outside markets were Bullish Copper Wednesday, as the USD index was weaker and Cude Oil prices were higher.
The Copper Bulls have the overall near-term technical advantage, but need to show more power in here.
The Copper Bulls' next Northside breakout objective is pushing and closing prices above Key technical resistance at 390.00 cents.
The next Southside price breakout objective for the Copper Bears is closing prices below key technical support at the February low of 370.25 cents.
1st resistance is at 378.60 cents and then at 380.00 cents.
1st support is at 373.65 cents and then at 371.40 cents.
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