Apr Gold futures prices finished pit trade Wednesday day higher, prices tapped another new 7-wk high early in the session.
The Gold Bulls have near-term upside technical momentum as the market Tuesday produced a technically Bullish monthly high close on the last trading day of the month.
Apr Gold last traded + 5.40 at 1,745.80 oz.
Spot Gold was last quoted + 6.50 at 1,743.75 oz
Mar Comex Silver last traded + 0.478 at 33.74 oz.
The weaker US Dollar index Wednesday was a Bullish outside market force supporting the precious metals complex. The Dollar index Bears have Southside near-term technical momentum now.
Crude Oil prices faded from early-session highs, which helped to push Gold down from its daily high. Crude Oil Bulls still have the overall near-term technical advantage, and that is Bullish the precious metals. Crude Oil and the US Dollar index will remain the 2 Key outside markets that have a daily influence on Gold and Silver price moves.
There were a few fresh developments coming out of the EU Wednesday. German and Portuguese debt auctions were fairly well-subscribed, and some better-than-expected EU economic data was also released Wednesday.
A debt- restructuring deal between the Greek government and the private sector has still not been announced, although there was talk again Wednesday that a deal is close to finishing.
The EU debt crisis appears to have stabilized. The EU debt crisis is still a major underlying Bullish factor for the Gold market, due to Gold's safe-haven asset status + the looming QE-3 from the US Fed IMO.
The London PM Gold fixing was 1,740.00 vs the prior PM fixing of 1,744.00.
Apr Gold futures prices finished near mid-range Wednesday and tapped another new 7-wk high. Prices Tuesday closed at a Bullish monthly high close.
The Gold Bulls have the solid overall near-term technical advantage and still have upside near-term technical momentum on their side. A steep 4-wk up-trend is in place on the daily bar chart.
The Gold Bulls' next Northside technical breakout objective is to produce a close above Key technical resistance at the December high of 1,769.70.
The Gold Bears' next near-term downside price objective is closing prices below chart trend-line and psych support at 1,700.00.
1st resistance is Wednesday's high of 1,754.00 and then at 1,760.00.
2nd support is Wednesday's low of 1,735.40 and then at 1,727.00.
Mar Silver futures prices finished near the session high Wednesday.
Silver Bulls have the overall near-term technical advantage now. Prices Tuesday hit a 10-wk high. A 4 wk up-trend is in place on the daily bar chart.
The Silver Bulls' next Northside price breakout objective is a closing price above Key technical resistance at the October high of 35.68. The next Southside price breakout objective for the Silver Bears is closing prices below Key technical support at last week's low of 31.525.
1st resistance is at this week's high of 34.13 and then at 34.50.
1st support is at 33.50 and then at Wednesday's low of 33.07.
Mar NY Copper closed up 490 pts 383.90 cents on Wednesday. Prices closed near session highs. A weaker US Dollar index today boosted Copper prices.
The Copper Bulls now have the near-term technical advantage. Prices are in a 6-wk up-trend on the daily bar chart. The Copper Bulls' next Northside 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 Key technical support at 367.50 cents.
1st resistance is at Tuesday's high of 387.60 cents and then at 390.00 cents.
1st support is at 380.00 cents and then at Wednesday's low of 376.30 cents.
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