Gold, Silver and Crude Oil Trading
Apr Gold futures prices closed slightly lower. and near session highs Monday on profit-taking after prices last Friday hit a 7 wk high.
The Key outside markets were also in a Bearish posture early Monday, as the US Dollar index was higher and Crude Oil prices weaker.
A pause to refresh, and consolidative price action on the daily charts for Gold and Silver is not out of line, and it is healthy action for near-term up-trends.
Apr Gold last traded - 0.90 at 1,734.50 oz.
Spot Gold was last quoted - 6.10 at 1,731.75 oz.
Mar Comex Silver last traded - 0.335 at 33.455 oz.
The US Dollar index firmed on Monday on a corrective bounce from recent selling pressure. Prices late last week hit a 6-wk low.
The Dollar index Bears have some Southside near-term technical momentum, and that has aided the precious metals Bulls in here.
Crude Oil prices were weaker on Monday and traded just below 100.00 bbl. The Crude Oil Bulls still have the overall near-term technical advantage, but prices do encounter stiff overhead resistance just above 100.00.
Crude Oil and the US Dollar index are the 2 Key outside markets that have a daily influence on Gold and Silver prices.
There were fresh developments coming out of the European Union debt crisis Monday. Reports said Greece private sector and government talks on debt restructuring have made some progress but still have not come to a complete resolution.
There was a fairly well-subscribed Italian debt auction Monday, but bond yields in Portugal rose to Euro Area highs of around 16% Monday.
There is another European Union Summit meeting Monday afternoon and evening.
The Euro was under some pressure Monday, which has in turn helped to boost the US Dollar index.
The EU debt crisis is still a major underlying Bullish factor for the Gold market, due to its safe-haven asset status.
The London PM Gold fixing was 1,729.00 vs the previous PM fixing of 1,726.00.
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. www.livetradingnews.com