Commodities Finished The Week Mixed

Posted by: : Paul EbelingPosted on: February 1, 2014 Commodities Finished The Week Mixed

Commodities Finished The Week Mixed

 Apr Gold and Mar Silver gave up early gains on a reversal from their session highs at 1254.80 and 19.47 set at pit trade open.
Gold slipped into the Red in afternoon action and settled 0.2% lower at 1239.80 oz.  The precious Yellow metal fell 2.0% on the week as participants reacted to the FOMC taper announcement and strong US GDP data.
Silver finished unchanged at 19.13 oz, booking a 3.2% loss on the week.
Mar Crude Oil traded in negative territory as the DXY posted gains. It came off its session low of 97.23 set at pit trade open and trended higher until late afternoon action, lost steam after tapping a session high of 98.39, and settled with a 0.7% loss at 97.53 bbl. Despite today’s weakness, Crude Oil gained 0.9% on the week.
Mar Nat Gas extended Thursday’s losses, falling as low as 4.72 per MMBtu in late morning action on forecasts for milder weather. It gained in the last hour of pit trade and settled at 4.94 per MMBtu, 1.6% lower. Despite trading at 4 yr highs early in the week, Nat Gas booked a loss of 1.8% on the week.
Commentary
This coming week the Gold market has 2 Key event; the continuation of the Chinese New Year at the beginning of the weekUS NFP data release Friday.

On the month of Feb Gold rose 1.1% and Mar. Silver fell 5%.

In the latest Gold Survey, out of 33 participants, 21 responded this week, 11 see prices up, Bullish, 7 see prices down Bearish, and 3 see prices trading sideways, Neutral.

Market participants include bullion dealers, investment banks, futures traders and technical  analysts.

Gold has a volatile week, in part from the falling emerging markets’  (EM)currencies, but then pressured by improving US economic reports.

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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