Gold futures prices ended US pit trade lower on Monday. The market was pressured by lower Crude Oil prices and by some more consolidative-type trading action on the charts.

Apr Gold last traded - 10.80 at 1,700.70 oz.

Spot Gold was last quoted - 13.70 at 1,700.25 oz.

May Comex Silver last traded - 0.647 at 33.57 oz.

Some negative trade deficit news coming out of China Monday weighed modestly on the raw commodity sector of the market place, including the precious metals.

But, that same data underscores China's voracious appetite for raw commodities, which is, has been and will continue to be a major Bullish underlying factor for all commodity markets, including Gold and Silver.

The European Union sovereign debt crisis has eased a bit, for now. There were no major developments during the weekend.

The Greek private sector/government debt swap arrangement went smoothly last week. Last Friday afternoon's news that Greece was placed in default by a credit rating agency was all but ignored by the market place, as the move was not unexpected.

But, again once the present Greek hurdle is cleared market place attention will turn to other EU trouble spots, such as Spain and Portugal.

The overall EU debt crisis is also a major underlying Bullish factor for safe-haven Gold IMO.

The USD index traded on both sides of unchanged Monday and did hit a fresh 4-wk high overnight. The USD index then sold off a bit as the session progressed but the Greenback Bulls have gained some fresh upside near-term technical momentum in here, and that is a negative for the precious metals Bulls.

The Crude Oil market traded lower on Monday on the China news and the Crude Oil Bulls' ongoing worries about Worldwide demand for Crude. The lower Crude Oil prices weighed on the precious metals and many other commodity markets Monday.

Crude Oil (WTI) 106.45 -0.95 -0.88%

The London PM Gold fixing was 1,697.50 vs the prior PM fixing of 1,687.50.

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.