US Gold prices finished pit trade near unchanged on the day Wednesday. Gold and Silver traders are on alert for some significant news to give them near-term price direction, a stronger USD index this week has limited buying interest in the precious metals sector.
Dec Gold last traded + 0.30 at 1,765.30 oz.
Spot Gold was last quoted – 0.20 at 1,764.25 oz.
Dec Comex Silver last traded + 0.12 at 34.10 oz.
The US and European stock markets were weaker Wednesday due a modest risk-off sentiment in the market.
The European Union sovereign debt crisis and specifically the countries of Greece and Spain continue to be major issues for traders and investors.
The Fitch credit rating agency Wednesday warned about a deteriorating EU debt crisis.
The International Monetary Fund (IMF) said European banks may be forced to sell over $4-T in assets if the EU debt crisis cannot be brought under control.
A German government bond auction was well subscribed Wednesday, which underscored the higher levels of investor anxiety among European investors. Spain government officials have yet to formally ask for further EU financial assistance, which is confusing many European market watchers. A formal bailout request from Spain would see the European Central Bank (ECB) kick in its government bond-buying program that was announced several weeks ago.
The USD index trade slightly lower Wednesday afternoon, after hitting a 4-wk high early, on more Short covering. The USD Bulls have gained a bit of upside technical momentum on the week.
Nymex Crude Oil prices were weaker Wednesday afternoon.
WTI Crude Oil 91.34 -1.05 (-1.14%)
Crude Oil Bulls and Bears are on a level near-term technical field.
These 2 Key outside markets continue to have a significant daily influence on Gold and Silver prices.
The London PM Gold fixing is 1,761.25 vs.the prior PM fixing of 1,774.00.
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.