Asia Trading Preview Gold, Silver, Copper and Crude Oil
US Gold futures prices finished US pit trade lower, but well off of the session lows. Prices tapped a new 17-wk low on Wednesday.
The market had another raw commodity Bearish risk-off trading day Wednesday as the EU debt issues are in focus again. New technical selling also hit Gold and Silver this week.
Jun Gold last traded off 11.10 at 1,593.40 oz.
Spot Gold was last quoted off 11.60 at 1,593.75 oz.
Jul Comex Silver last traded off 0.219 at 29.24 oz.
The European Union sovereign debt and financial crisis escalated this week, prompting a risk-off trader POV.
As Greek political leaders work to form a government, Spanish bonds are trading above the critical 6% mark on a Spanish bank problem. The 2 + yr saga continues.
Investor confidence in the EU financial markets, except for Germany, is fading fast. It is still my POV that serious escalation in the EU debt crisis that threatens to become a Worldwide contagion will be Bullish for safe-haven Gold.
The USD index has benefited recently on new safe-haven demand due to the EU situation. The USD index hit a 3-wk high Wednesday.
Crude Oil futures prices traded modestly lower Wednesday after hitting a 4.5-month low Monday. These 2 Key markets were in a Bearish daily posture for Gold and Silver Wednesday.
WTI Crude Oil: 96.66 bbl -0.35 (-0.36)
The London PM Gold fixing was 1,582.50 vs the prior London PM fixing at 1,602.50.
Jun Gold futures prices closed mid-range Wednesday. Near-term chart damage happened this week. The Gold Bears now have the near-term technical advantage. A 9 wk old down-trend is in place on the chart.
The Gold Bulls’ next Northside price breakout objective is to produce a close above Key technical resistance at this week’s high at 1,644.00.
Gold Bears’ next near-term Southside price objective is closing prices below Key technical support at the December low of 1,528.60.
1st resistance is at 1,600.00 and then at Wednesday’s high of 1,607.00.
1st support is at Wednesday’s low of 1,578.50 and then at 1,570.00.
Jul Silver futures prices closed nearer the session high Wednesday and tapped a 17-week low. Silver prices are in a 9-wk-old downtrend on the daily chart.
The Silver Bears have near-term technical advantage.
The Silver Bulls’ next Northside price breakout objective is closing prices above Key technical resistance at this week’s high of 30.39 oz.
The next Southside price breakout objective for the Silver Bears is closing prices below Key technical support at the December low of 26.50.
1 resistance is at Wednesday’s high of 29.50 and then at 30.00.
1st support is at 29.00 and then at today’s low of 28.615.
Jul NY Copper closed down 75 pts 367.00 cents Wednesday. Prices closed nearer the session high and hit a fresh 3 wk low as Bulls faded.
Wednesday was a “risk off” trading day, and the Key “outside markets” were in a Bearish frame of mind for Copper as the USD index was firmer and Crude Oil prices were lower.
Copper Bulls and Bears are on a level near-term technical pitch.
Copper Bulls’ next Northside breakout objective is pushing and closing prices above Key technical resistance at last week’s high of 386.15 cents.
The next Southside price breakout objective for the bears is closing prices below K technical support at the April low of 357.75 cents.
1st resistance is at 370.00 cents and then at 372.50 cents.
1st support is at 365.00 cents and then at Wednesday’s low of 361.00 cents
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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.
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