Feb Gold futures prices ended US pit trading higher Wednesday on follow-through buying from the Strong gains scored Tuesday.
The Gold market Bulls are trying to regain some Northside momentum following last week's sell off. The Gold market was under mild selling early Wednesday, but traders stepped in to buy the weakness.
Feb Gold last traded + 14.80 at 1,615.30 oz.
Spot gold last trade + 10.80 at 1,615.00.
Mar Comex Silver last traded off 0.427 at 29.145 oz.
Reports Wednesday said good Asian physical demand for Gold has surfaced following the recent decline in prices.
The US Dollar index traded higher early Wednesday, which did limit the upside for the precious Yellow metal.
The Dollar index Bulls have the overall near-term technical advantage, which is a Bearish underlying factor for Gold and Silver.
The Dollar index will likely continue to be a major outside market force for precious metals. But, if a geo-political development heats up unexpectedly, both Gold and the USD can appreciate together.
Crude Oil prices traded steady to weaker Wednesday afternoon but did hit a fresh 7 month high earlier in the day. Crude Oil prices trading above 100.00 bbl is an underlying Bullish factor for precious metals.
WTI Light Sweet Crude traded last at 103.27 +0.31 (0.30%)
The London P.M. gold fixing was 1,613.00 vs the previous P.M. fixing of 1,598.00.
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.