Gold, Silver and Crude Oil Trading

US Gold prices finished the pit trade session off Thursday. Gold and Silver were pressured by a firmer USD index, some profit taking, and consolidation.

Dec Gold last traded off 7.80 at 1,745.20 oz.

Spot Gold was last quoted off 5.90 at 1,744.50 oz

Dec Comex Silver last traded off 0.317 at 32.915 oz.

Precious metals were negatively impacted by the firmer Greenback on Thursday. New US economic data out Thursday saw the Philadelphia Fed business index come in stronger than expected, which continues a trend of better-than-expected economic data.

The weekly US jobless claims report was weaker than expected. Still the USD index moved to its session high following the “Philly Fed” report.

The USD index saw Short covering in a Bear market Thursday and the Greenback Bears have the overall near-term technical advantage.

In overnight news: China’s Q-3 GDP came in at 7.4% growth, the lowest growth Q since Y 2009 and the 7th Quarter in a row of a decreasing growth rate. Q-2 GDP number came in at 7.6%. The latest figure was in line with market expectations.

Asian stock markets rallied, and the precious metals showed a muted reaction to the latest China economic news.

Many Asia market watchers now see the Chinese economy is on a good trajectory following recent stimulus efforts by the Chinese central bank, a Bullish signal for precious metals.

Market attention is also on a 2-day European Union leaders summit that began Thursday. Focus regarding the EU debt crisis is on when or if Spain will formally ask for more EU financial assistance. Falling Spanish bond yields this week, on good demand at their debt auctions, hinting that Spanish officials may not be in a hurry to seek financial assistance from the EU.

Nymex Crude Oil prices traded flat to unchanged Thursday.

WTI Crude Oil 91.91 -0.21 (-0.23%)

The Crude Oil Bulls and Bears are on a level near-term technical playing field in choppy trade.

These 2 Key Outside Markets continue to have a significant daily influence on Gold and Silver prices.

The London PM Gold fixing is 1,743.00 vs the prior PM fixing at 1,749.00.


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.

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