Precious metals extended Thursday’s gains. The advance came despite a stronger USD index.
Gold tapped a pit session high at 1739.40 in morning action and closed at 1731.00 as it pulled-back slightly in the afternoon. The precious Yellow metal gained 3.3% over the week following the re-election of President Obama.
Silver rose to a session high of 32.78 oz, and trended just below that mark in the afternoon, settling the week with a 5.7% gainer closing at 32.62.
Crude Oil came off its pit session low of 84.34 and rose into positive territory by mid-morning. The energy component advanced as high as 86.77, then gave up some momentum following the president’s press conference which placed an emphasis on the need to reach a Fiscal Cliff compromise before year end.
Friday’s advance had Crude settle at 86.09 for a gain of 1.4% on the week.
Nat Gas fell as its pit session progressed. It fell off its session high of 3.55 per MMBtu and trended near the 3.49 level for most of afternoon. Despite gains in prior 2 sessions, Nat Gas settled with a 1.4% loss on the week closing the session at $3.50.
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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