Gold, Silver and Crude Oil Trading
Feb Gold futures prices finished pit trade Tuesday solidly higher and hit a fresh 2-week high. The Key outside markets were in a Bullish posture for the precious metals Tuesday, as the US Dollar index was weaker and Crude Oil prices were higher.
Feb Gold last traded + 25.40 at 1,633.50 oz.
Spot Gold was last quoted + 21.70 at 1,633.25 oz.
Mar Comex Silver last traded up 1.118 at 29.90 oz.
Investor's risk appetite was on the move Tuesday and the precious metals benefited, acting like a risk asset on the day.
The Gold market has in recent weeks acted more like a risk asset and followed the raw commodity market players, but it is still my POV that the new year will find Gold also trading more like a safe-haven asset during times of keener uncertainty in the market place.
There have been no major developments coming out of the European Union debt crisis recently, which has given traders and investors some more confidence, which has in turn boosted the so-called risk assets like stocks and commodities.
Taking after hitting a 16-month high Monday. The weaker US Dollar index was a positive for the precious metals Bulls Tuesday. However, the US Dollar index Bulls still have the solid overall near-term technical advantage.
Crude Oil prices traded solidly higher Tuesday. With Nymex Crude Oil trading well above 100.00 bbl and prices hitting a fresh 7-month high last week, that's an underlying Bullish factor for the precious metals.
WTI finished at 102.18 bbl +0.87 (0.86%)
The London P.M. gold fixing was 1,637.00 vs the previous P.M. fixing of 1,615.00.
March NY Copper closed up 935 pts 350.95 cents Tuesday. Prices closed near the session high. The market was boosted by higher Crude Oil prices and a weaker US Dollar index today.
Copper Bulls regained the slight near-term technical advantage Tuesday.
Copper Bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the December high of 367.40 cents.
The next Southside price breakout objective for the Bears is closing prices below solid technical support at 332.50 cents.
1st resistance is seen at Tuesday's high of 351.75 cents and then at 353.90 cents.
1st support is seen at 347.50 cents and then at 345.00 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.