It was a quiet session for precious metals Tuesday. The markets continued to wait for the EFSF vote in Slovakia, the last of the 17 EU members to vote.

Gold finished lower by 0.5% at 1661 oz, and Silver finished up 0.3% at 32 oz.

Crude Oil futures, which ended higher by 0.5% at 85.81 bbl, also had a relatively quiet session. Futures were able to recoup overnight losses after the USD gave up earlier gains, and traded to 86.64 in the afternoon, but pulled back from those highs heading into the close.

Nat Gas closed + 1.9% at 3.61 per MMBtu.

The Gold market was unable to hold onto a move up to a fresh high early in the session and faded into negative territory by the close.

A stronger USD and a noticeable retreat from Monday's risk on attitude may have pulled support from the market later in the day.

The Gold market lagged other commodities as they were able to hold into positive territory throughout the session.

A Key event for Gold is still on the horizon, as Slovakia's vote on expanding the EuroZone rescue fund was postponed until tomorrow.

Nov Crude Oil experienced a choppy morning trade, first falling in the wake of a monthly report from OPEC that reduced Y 2011 Global Oil demand for the fourth month in a row.

However, prices seemed to find modest support on reports that OPEC production was forecasted lower than expected. Late-morning reports out of Europe, from EU, ECB and IMF leaders, suggested that the Greek government made progress with their fiscal situation and was likely to receive their next financial aid installment.

This helped bolster risk appetites and fueled gains in Nov Crude Oil into new highs for the session. There were also comments out of the IEA indicating that fuel demand in the Asian and Middle East region was holding up well given the recent economic slowdown, and that might have lent another layer of support.

 

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.