Gold, Silver and Crude Oil Trading
Gold futures prices ended pit trade moderately higher Thursday. The market saw more upside corrective price action and bargain hunting following recent losses.
The Key outside markets were again Bullish for the precious metals markets Thursday, as the USD index was lower and Crude Oil prices were higher.
Apr Gold last traded + 14.50 at 1,698.70 oz.
Spot Gold was last quoted + 13.40 an ounce at $1,698.25 oz.
May Comex Silver last traded + 0.23 at 33.81 oz.
It was a risk on trader-investor attitude in the market place Thursday. That supported most commodity markets, including the precious metals.
The European Union sovereign debt crisis saw positive developments Thursday. There were reports the Greek private sector/government debt swap arrangement agreed upon recently is going very smoothly. Thursday is the deadline for the swap arrangements to be completed.
European stock markets and the Euro currency were higher Thursday, and EU country bond yields were lower, following the more upbeat Greek news. Once the present Greek hurdle is cleared market place attention will quickly turn to other EU trouble spots, such as Portugal. The overall EU debt crisis remains a major underlying Bullish factor for safe-haven Gold.
The USD index traded lower Thursday, which was supportive for the precious metals.
Nymex Crude Oil futures prices were higher Thursday, which was also a positive factor for Gold and Silver.
WTI last traded at 106.91 bbl + 0.73
The USD index and Crude Oil will remain two important outside market forces that will have a daily impact on the precious metals markets.
Traders are awaiting the Key US jobs report Friday. Look for a more active trading day in the market place Friday, in the wake of the jobs report.
The Key non-farm payrolls figure of the employment report is expected to rise by just over 200,000 in February.
The London PM Gold fixing was 1,690.00 vs the previous PM fixing of 1,677.50. 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.