Gold, Silver, Oil Trading Gold futures finished pit trade in the US a bit lower on some follow-through selling pressure from Wednesday's losses. It was a risk off day in the market Thursday, which put downside pressure on most raw commodity futures markets, including the precious metals.
The Key outside markets were Bearish for the precious metals Thursday, as the USD index firmed and Crude Oil prices are sharply lower.
Jun Gold last traded off 4.00 at 1,656.50 oz.
Spot Gold was last quoted - 7.20 at 1,655.50 oz
May Comex Silver last traded + 0.169 at 32.00 oz.
Traders have moved to a risk off POV this week. There are some renewed worries about slowing Chinese economic growth and the European Union sovereign debt crisis, but really not major worries in the market, but just enough to dampen investor risk appetite, and put some downside pressure on the raw commodity markets, including Gold and Silver.
Also near-term Bearish for Gold is the seller strike in India, due to the Indian government's imposition of a new sales tax on Gold purchases.
The USD index was firmer Thursday. The USD index Tuesday hit a 4 week low, but the Greenback Bulls are still on weak technical ground.
Crude Oil prices were sharply lower on Thursday on follow-through selling pressure after solid losses posted Wednesday. The sharp losses in Crude Oil the past 2 days have weighed on Bullish attitudes in many commodity markets.
WTI Crude Oil 102.80 -2.61 (-2.48%)
The London PM Gold fixing was 1,657.50 vs the prior PM fixing of 1,676.00.
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.