Gold, Silver, Copper and Crude Oil Trading
Apr Gold futures finished pit trade Wednesday lower and near the daily low on profit profit-taking. The Key outside markets turned from a Bullish tone for the precious metals in early dealings Wednesday, to a Bearish posture at the close.
The US Dollar index moved up off of its session low to trade near steady on the day. The Crude Oil market lost most of its early gains to trade just steady to firmer on the day.
Apr Gold last traded down 13.80 at 1,734.80 oz.
Spot Gold was last quoted down 12.50 at 1,733.00 oz.
Mar Comex Silver last traded down 0.324 at 33.87 oz.
It was a "risk on" trading day in the market early Wednesday, which was mildly Bullish for precious metals, as the European Union sovereign debt crisis was perceived by the market place to be more stabilized.
A debt- restructuring deal between the Greek government and the private sector had been reported as very close to being agreed upon. But, a wire services reported in late morning trading that issues with the European Central Bank (ECB) may at least temporarily block any Greek debt-restructuring agreement.
The reports pressured the Euro currency and boosted the US Dollar index, and at the same time pressure Crude Oil and other commodity markets. Gold and Silver lost their daily gains and moved to below unchanged.
The US Dollar index tapped a 9-week low overnight, before staging a slow recovery Wednesday. The weaker Dollar index recently is a Bullish underlying force for the precious metals.
The Crude Oil Bulls have regained some upside near-term technical momentum recently, which is a positive for the precious metals. Crude Oil and the US Dollar index for now are the 2 Key outside markets that will generally have some daily influence on Gold and Silver price moves.
The London PM Gold fixing was 1,746.00 vs. the previous PM fixing of 1,724.00.
Apr Gold futures prices closed near session lows on Wednesday. The Gold Bulls have the overall near-term technical advantage as trading has turned choppy. A 6 wk up-trend is still in place on the daily bar chart.
The Gold Bulls' next Northside technical breakout objective is to mark a close above solid technical resistance at the Dec high of 1,769.70.
The Gold Bears' next near-term downside price objective is closing prices below psych support at 1,700.00.
1st resistance is seen at 1,740.00 and then at 1,750.00.
1st support is seen at Wednesday's low of 1,726.00 and then at this week's low of 1,712.60.
Mar Silver futures prices closed nearer the session low Wednesday on some profit taking after hitting a new 11-wk high early. The Silver Bulls have the overall near-term technical advantage. A 6 wk up-trend is in place on the daily bar chart.
The Silver Bulls' next Northside price breakout objective is closing prices above solid technical resistance at the October high of 35.68 oz.
The next Southnside price breakout objective for the Silver Bears is a closing price below solid technical support at 31.525.
1st resistance is seen at 34.00 and then at Wednesday's high of 34.52.
1st support is seen at Wednesday's low of 33.65 and then at this week's low of 32.985.
March NY Copper closed up 250 pts 390.10 cents on Wednesday. Prices closed near mid-range. The Key outside markets turned Bearish for Copper Wednesday, as the US Dollar index firmed and Crude Oil prices weakened. That did limit gains in Copper. Copper Bulls still have the overall near-term technical advantage. Prices are in the 7 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 downside price breakout objective for the Copper Bears is closing prices below Key technical support at 367.50 cents.
1st resistance is seen at the January high of 393.90 cents and then at 395.00 cents.
1st support is seen at Wednesday's low of 385.35 cents and then at this week's low of 379.40 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.