US Gold futures finished pit trade higher Monday.
The Key outside markets turned Bullish for precious metals during the day as the USD index weakened and Crude Oil prices firmed.
The overall market was up to start the trading week, with no major news. The Summertime action is now gripping some markets, including the precious metals.
Dec Gold last traded + 5.20 at 1,614.50 oz.
Spot Gold was last quoted + 8.10 at 1,612.25.
September Comex Silver last traded + 0.074 at 27.87 oz.
The market was in a risk-on mode Monday, following Friday's surprisingly strong US jobs report. The trading action to start the week was quiet, as much of Europe is on vacation.
Asian stocks rallied overnight, following Friday's US employment report. Asian traders are starting to look toward the end of the week, when new Chinese economic data is due for release.
There was some upbeat news coming out of the EU, as reports said European Central Bank officials are claiming they don't need unanimous EU approval to buy bonds of the struggling EU countries.
The USD index traded modestly lower Monday. The "Greenback" Bulls are fading as the USD index hit a 4 wk low Monday.
Crude Oil prices traded higher Monday, following gains Friday that gave the Crude Oil Bulls some upside technical momentum.
WTI Crude Oil 92.15 + 0.75 (0.82%)
The London PM Gold fix is 1,610.00 vs. the prior London PM fixing of 1,602.00.
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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.