Gold, Silver and Crude Oil Trading


Gold, Silver and Crude Oil Trading

Feb Gold futures prices Thursday ended the US pit trade a bit lower and saw a corrective pullback from Wednesday's big gainer.

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The market is pausing to refresh, aka consolidating, this week's good gains.

A lower raw commodity sector Thursday limited buying interest in the precious metals.

Feb Gold last traded down 10.10 at 1,740.20 oz.

Spot Gold last traded down 13.50 at 1,736.50 oz.

Mar Comex Silver last traded down 0.069 at 32.735 oz.

The London P.M. gold fixing was 1,752.00 vs the previous P.M. fixing of 1,746.00. Some weak economic data coming out of China Thursday acted as a Bearish weight on the raw commodity sector, including Gold and Silver.

The commodities were generally supported Wednesday by the unexpected move by the major World central banks to turn on the liquidity faucet for the World financial system.

China Wednesday announced it was also lowering its reserve requirement ratio (RRR) for banks, which in effect also eased China's monetary policy.

The market is still overall Bullish for the raw commodity sector as the specter of inflation and a weakening of the USD both were turned up some.

The US Dollar index traded slightly lower Thursday as the "Greenback" Bulls are fading, and need to show fresh power soon to keep the up-trend in place on the daily chart.

The Dollar index Bulls still have the overall near-term technical advantage though.

Crude Oil prices traded modestly lower Thursday and that was a drag on the commodity sector. But, the Crude Oil Bulls gained and hold the Northside technical momentum this week.

WTI Crude Oil last traded at 100.06 bbl -0.30 (0.30%)

The big economic report of the week is Friday morning's US jobs report. The Key non-farm payrolls figure is forecast to be up 125,000 in November, while the unemployment rate is expected at 9%, which is unchanged from last month.

Any surprise numbers out of the Jobs Report is likely to move the financial markets, and the precious metals.

Technically, Feb Gold futures prices closed nearer the session low Thursday and saw a corrective pullback from recent gains. Bulls have the overall near-term technical advantage IMO.

Mar Silver futures prices closed nearer the session low Thursday too. The Silver Bulls gained some Northside near-term technical momentum. The Bulls next upside price breakout objective is closing prices above solid technical resistance at 34.00 oz, Stay tuned...

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.