Gold, Silver, Crude Oil + Copper Trade
Feb Gold futures prices finished US Pit trade moderately lower Tuesday on a corrective technical pullback and some profit-taking pressure from recent gains.
The Key outside markets were mildly Bearish for the precious metals Tuesday, as the US Dollar index was firmer and Crude Oil prices weaker.
Feb Gold last traded down 12.50 at 1,665.80 oz.
Spot Gold was last quoted down 10.70 at 1,666.00 oz.
Mar Comex Silver last traded down 0.295 at 31.975 oz.
WTI Crude Oil last traded down 0.42 at 99.16 bbl.
Gold prices also felt some selling pressure Tuesday as Asia is celebrating the lunar New Year this week, which slows physical demand for the precious Yellow metal in the region.
Fresh developments coming out of the European Union (EU) debt crisis Tuesday included some dimming optimism regarding Greek officials and their private sector discussing their debt restructuring.
Reports said those discussions have temporarily stalled. There was some better economic data coming out of the EU Tuesday, which helped mitigate the Greece debt talks.
The EU debt crisis finds no easy fixes and will not go away soon, which is a major Bullish underlying factor for Gold.
The market, including the precious metals sector, will continue to closely monitor the day-to-day doings out of the EU, regarding their sovereign debt and financial crisis.
The US Dollar index was finished firmer Tuesday on a mild recovery from recent selling pressure. The Greenback Bulls have faded recently, which benefits the Gold and Silver markets.
Crude Oil prices were weaker Tuesday as prices hang near 100.00 bbl. That was also slightly negative for the metals Tuesday. These 2 outside markets will continue to have a daily influence on Gold and Silver prices IMO.
The London P.M. Gold fixing was 1,665.50 vs the prior P.M. fixing of 1,675.50.
Mar NY Copper closed up 40 pts 380.25 cents Tuesday, near session highs. The Key outside markets were Bearish for Copper Tuesday, as Crude Oil prices here weaker and the US Dollar index firmed.
Copper prices Friday hit a fresh 3 month high. Copper Bulls have solid near-term technical advantage. Prices are in a 6-wk up-trend on the daily bar chart.
Copper Bulls' next upside breakout objective is pushing and closing prices above major psych resistance at 400.00 cents.
The next Southside price breakout objective for the Copper Bears is closing prices below solid technical support at last week's low of 359.40 cents.
1st resistance is seen at last week's high of 383.40 cents and then at 385.00 cents.
1st support is seen at 377.50 cents and then at today's low of 374.95 cents.
Paul A. Ebeling, Jnr.
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. www.livetradingnews.com