Gold, Silver and Crude Oil Trading Wrap Up
US Gold futures prices finished pit trade with solid gains on Short covering and bargain hunting Thursday.
The Gold Bulls did gained fresh Northside near-term technical momentum Thursday.
The Key outside markets were Bullish the precious metals, as Crude Oil prices rose and the USD index was lower.
Jun Gold last traded +18.60 at 1,678.90 oz.
Spot Gold was last quoted + 18.30 at 1,678.50 oz.
May Comex Silver last traded + 0.909 at 32.425 oz.
The precious metals rallied along with other commodity markets and the US stock indexes on Thursday morning on some rumors that important economic report coming out of China early Friday morning will be better than expected.
China's Q-1 GDP is forecast to come in at just over 8.2% annualized growth, but there were rumors in the market place Thursday the figure would come in at about 9%.
China is a perhaps the major force in the World economic machine and all markets keep a close eye on the World's the nation with the 2nd-largest economy. Look for the market place to closely focus on Friday's China report.
The USD index was lower Thursday on choppy trade. The USD index Bears gained some new near-term Southside technical momentum Thursday.
Crude Oil prices were higher Thursday on more Short covering and bargain hunting.
WTI Crude Oil 103.27 + 0.57 +056%
The London PM Gold fixing was 1,668.50 vs. London PM fixing of 1,658.00.
Jun Gold futures prices closed nearer the session high Thursday and scored a Bullish outside day up on the daily bar chart, whereby the high was higher and low was lower than the prior day's trading range, with a higher close. The Bulls did gain fresh upside near-term technical momentum Thursday and are now back on a level near-term technical playing field with the Gold Bears.
May Silver futures prices closed near the session high Thursday. Silver Bulls also gained some fresh upside near-term technical momentum.
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. Read the Terms of Service