Gold, Silver, Copper and Crude Oil Trading
Gold futures prices finished Wednesday's pit trading sharply
lower, near the daily low and tapped a fresh 2-month low on the
The precious Yellow metal saw strong follow-through selling
pressure from Tuesday afternoon's sell off that was prompted by
an upbeat FOMC statement and by news JP Morgan declared a
dividend after a successful stress test result.
New and significant near-term technical damage was put on the
Gold and Silver charts.
Apr Gold last traded - 56.60 at 1,637.60 oz.
Spot Gold was last quoted - 15.10 at 1,660.50 oz.
May Comex Silver last traded -1.74 at 31.84 oz.
The safe-haven Gold market has taken a hit following the
Tuesday afternoon release of the statement following the latest
meeting of the Federal Open Market Committee.
The Fed acknowledged an improving US economy with still-low
inflation expectations. The statement further dampened talk the
Fed will implement another round of what would likely be
commodity-market-Bullish quantitative easing (QE-3).
The USD index traded higher Wednesday and hit a fresh 7 week
high. That was also Bearish for the precious metals markets
The USD index Bulls have gained new upside near-term technical
The Crude Oil market was weaker Wednesday, which was a slight
negative for the metals. Crude Oil and the USD index continue to
be Key outside market forces impacting the precious metals prices
on a daily basis.
Now that the latest Greek issues appear to be in the rear view
mirror the market's focus will soon turn to other EU trouble
spots, such as Portugal and Spain. The overall EU debt crisis
remains a major underlying Bullish factor for safe-haven
The London PM Gold fixing was 1,644.25 vs the prior PM fixing
Apr Gold futures prices closed near the session low Wednesday
and dropped to a fresh 2-month low as fresh chart damage was
inflicted. The Gold Bulls' next Northside price breakout
objective is to produce a close above psych resistance at
1,700.00. The Gold Bears' next near-term Southside price
objective is closing prices below psych support at 1,600.00.
1st resistance is at 1,650.00 and then at 1,675.00.
1st support is at today's low of 1,635.80 and then at
May Silver futures prices closed near the session low
Wednesday and hit a fresh 7-week low. Significant near-term chart
damage was inflicted in Silver on Wednesday. The Silver Bulls'
next Northside price breakout objective is closing prices above
Key technical resistance at this week's high of 34.41. The next
Southside price breakout objective for the Silver Bears is
closing prices below major psych support at 30.00.
1st resistance is at 32.00 and then at 32.49.
1st support is seen at today's low of 31.625 and then at
May NY Copper closed down 625 pts 384.00 cents Wednesday.
Prices closed near the session low. The Key "outside markets"
were Bearish for the Copper market on Wednesday as the USD index
was higher and Crude Oil prices were weaker. The Copper Bulls
still have the overall near-term technical advantage. Copper
Bulls' next Northside breakout objective is pushing and closing
prices above Key technical resistance at 400.00 cents. The next
Southside price breakout objective for the Bears is closing
prices below Key technical support at the February low of 370.25
1st resistance is seen at 387.75 cents and then at 390.00
1st support is seen at this week's low of 381.70 cents and
then at 380.00 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.