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Precious Metals and Energies Recap

Dec Gold futures prices finished pit trade near unchanged Tuesday. Prices were modestly lower in early US trading, on a firmer USD index and weaker Crude Oil prices.

But, Crude Oil prices rebounded as the trading session progressed, and provided a lift to Gold and most other commodity markets.

Dec Gold last traded + 1.20 at 1,779.60 oz.

Spot Gold last traded down 1.40 at 1,779.25 oz.

Dec Silver last traded + 0.471 at 34.495 oz.

Precious metals continue to be influenced by Key outside markets that include the USD index, Crude Oil and the US and European stock indexes.

The USD index traded firmer Tuesday on perceived safe-haven investment demand due to the European Union debt crisis.

The USD index Bulls have gained upside near-term technical momentum recently. That is a Bearish underlying fundamental for precious metals.

Crude Oil prices were a bit lower Tuesday morning but then rallied by midday and hit a fresh 13-wk high of 99.84 bbl.

Crude Oil is an overall Bullish outside market force for precious metals, as Crude Oil prices are in a solid near-term up-trend.

US stock indexes moved up from their daily lows by afternoon trading Tuesday, which boosted the commodity markets and in turn gave a modest upside push to Gold and Silver.

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.