Crude Oil finished higher by 2.3% at 88.34 bbl, rallying off of the 85.50 support mark in mid-morning trade. and never looked back.
Stabilization in the Euro let commodities to move higher on the session.
Gold fell 1.3% to finish at 1652.80 oz, and Silver finished near flat at 31.83 oz. rallying off morning lows throughout the day.
Gold futures traded back to the 1660 mark, a Key level, and Silver futures recouped all of their losses to end just above flat on the day.
Crude Oil futures traded as high as 88.6 bbl heading into the close and ended just short of that mark.
A pullback in the USD, + the strength in equities, helped Crude Oil end higher ahead of tomorrow's inventory data.
Nat Gas fell 3.6% at 3.55 per MMBtu, pressured by expectations for milder weather forecasts in the US.
The Gold market started out weak and generally favored the downside tilt throughout the trading session today.
The market did manage to reject some of the steep initial losses but in the end the Gold market generally remained out of favor.
Ongoing fears of trouble from the EuroZone and even fears of Chinese slowing seemed to undermine Gold and a host of physical commodity markets.
While some traders suggested that Gold might have been undermined by talk of rising scarp gold supplies and bulky seasonal holdings in India, the Gold market recently has not paid that much attention to classic supply side developments.
In conclusion, Gold remains infatuated with the EuroZone debt situation and it also remains fearful of a return to Global recessionary.
The Silver market also saw some aggressive liquidation to start the Tuesday trade action but the market was able to throw off all of those losses and return to positive ground ahead of mid session.
Some suggest that an improvement in sentiment toward the EuroZone served to lift Silver, while others think the rebound in US equities provided the brunt of the bargain hunting buyers.
Like Gold, Silver seems to be focused almost exclusively on the ebb and flow of the EuroZone debt crisis and therefore US numbers and action in the USD might be given little attention in the coming trading sessions.
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.