On the Commodities Front: Gold, Silver and Crude Oil
A sharp rally in Global equity indices pressured precious metals today, with Dec Gold shedding 2.9% to close at 1817.60 oz, while Dec Silver lost 0.6% to end at 41.63 oz.
With players returning to work this week and diving into equities, Gold futures traded in close to a 100 pt range from its electronic highs 1883.20 to its intra-day lows 1793.80.
Silver futures traded to their lowest levels in intra-day trade but managed to rally of those lows to recoup most of its losses.
The strength in equities supported the rally in Oct Crude Oil, which settled higher by 3.9% to 89.34 bbl, its largest percentage gain in a month.
Adding additional support was a new weather system developing out in the Bay of Campeche in Mexico. Futures traded to their best levels since the beginning of the month after notching highs at 89.79 in late morning trade.
Oct Nat Gas finished near unchanged at $3.94 per MMBtu, also rallied on reports of the storm. But, heading into the close of pit trade futures gave back those gains to finish near flat on the session.
Paul A. Ebeling, Jnr.
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.