US Gold futures prices finished pit trade higher Monday. The Summer quiet continues to keep the market subdued.
Silver futures hit a new 2 month high as Silver Bulls gained some Northside technical momentum.
Dec Gold last traded + 3.70 at 1,623.00 oz.
Spot Gold was last quoted + 5.00 at 1,621.25 oz.
Sept Comex Silver last traded + 0.663 at 28.66 oz.
Participants are looking forward to the Jackson Hole, WY U.S. Federal Reserve meet next week, and the mid-September FOMC meeting.
Many raw commodity and stock market Bulls are hoping the Fed will soon announce more quantitative easing, QE-3. The minutes of the last FOMC meeting are due this Wednesday.
There was a German report the European Central Bank is considering putting a cap on EU peripheral country bond yields. That pushed Italian and Spanish bonds yields down a bit, while pushing German yields up a bit. The report said the ECB would buy a country's bonds when the yields exceeded a certain rate. But, there were also reports the German Bundesbank officials said they are not on board with that idea.
The USD index was lower Monday. The "Greenback" is seeing choppy trading action recently, but the Bulls maintain the overall near-term technical advantage.
Crude Oil prices were weaker Monday on some mild profit taking after hitting a 3 month high overnight. Oil Bulls still have upside near-term technical momentum.
WTI Crude Oil 95.86 -0.15 (-0.16%)
The precious metals markets will continue to look closely at how these 2 Key outside markets"trade daily.
The London PM Gold fix is 1,615.00 vs the prior London PM fixing at 1,614.75.
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.