Focus on precious metals and energy trading
Apr Gold futures prices are trading modestly higher in early US dealings Tuesday.
The market has a risk-on POV Tuesday morning as most commodity markets, including Gold and Silver, are firmer on news that Greece and the European Union have finally secured a debt-restructuring deal.
The Key outside markets are also in a Bullish posture for the precious metals so far Tuesday, as the USD index is weaker and Crude Cil prices are higher.
April gold last traded + 13.40 at 1,739.30 oz.
Spot Gold was last quoted + 3.80 at 1,738.50 oz.
Mar Comex Silver last traded + 0.469 at 33.685 oz.
The market has gained some risk appetite Tuesday as Greece has secured its next round of bailout money from the European Union. This has given the Euro currency a lift and pressured the USD index. But, the European stock markets greeted the Greek news with caution as those markets weakened in the aftermath of the news.
The USD index is modestly lower Tuesday morning. The weaker USD index is a positive for the precious metals.
Nymex Crude Oil futures prices are trading higher and hit a fresh 9.5-month high overnight. Solid higher Crude Oil prices are a major Bullish factor for the precious metals.
Crude Oil and the USD index are the 2 Key outside markets that have at least some daily influence on Gold and Silver prices.
The Gold market is also catching Bullish tailwinds from the weekend news that Iran has halted Crude Oil shipments to some European countries, to pre-empt an EU ban on Iranian Oil imports. The tensions between Israel and the West, and Iran, are and likely will remain a Bullish fundamental factor for the safe-haven Gold market.
US economic data due for release Tuesday is light and includes the Chicago Fed national activity index.
The London AM Gold fixing was 1,737.00 vs. the prior London PM fixing of 1,733.00.
Paul A. Ebeling, Jnr.