Copper, Crude Oil, Nat Gas Finish Lower, Gold, Silver Higher

Posted by: : Paul EbelingPosted on: November 18, 2014 Copper, Crude Oil, Nat Gas Finish Lower, Gold, Silver Higher

Copper, Crude Oil, Nat Gas Finish Lower, Gold, Silver Higher

  • Dec Crude Oil closed 1.4% lower at 74.60 bbl
  • Dec Copper finished down 1.3% at  3.00/lb
  • Nat Gas finished 2.2% lower at 4.25/MMBtu
  • Dec Gold finished 1.1% to 1196.30oz
  • Dec Silver +0.8% at 16.18 oz

Commentary

Tuesday, US Gold prices finished pit trade higher, at a 3 wk high. Prices pushed above Key resistance at 1,200.00 overnight. Short covering and bargain hunting were featured, and a weaker .DXY providing support for precious metals.

Spot Gold was last up 8.60 at $1,196.30.

India’s Gold exports are increasing and hit the highest level in over a year in October. Reports Tuesday also said the Indian government could soon announce a plan to reduce Gold imports in order to improve the trade deficit.

Overnight news

European stock markets and EUR rallied due in part to an upbeat German ZEW economic expectations index for November that beat market expectations. The index was forecast to come in at 0.9 but posted a reading of 11.5. In October the ZEW index came in at -3.6.

European equities saw buying support after European Central Bank (ECB) chief Mario Draghi reiterated Monday that the ECB could purchase EU government bonds, if necessary.

In Japan, Prime Minister Abe called for snap elections as he announced a delay in a sales tax increase measure by 18 months. It was reported Monday that Japan’s economy has slipped into recession following a Q-3 GDP report that showed contraction in Japan’s economy. The Japanese stock market rose on the news.

January NYMEX WTI Crude Oil prices finished lower Tuesday near a 3 yr low, Crude Oil is in a Bear market.

US economic data

The PPI came in better than expected, the market place paid little attention.

The London PM Gold Fix is 1,192.75 Vs the London AM Gold Fix at 1,202.00.

Technically speaking

Feb Gold futures closed mid-range. Recent upside price action hints a near-term market bottom is in.

Gold Bears have the near-term technical advantage.

Gold Bulls’ next Northside objective is a close above resistance at 1,225.00.

Gold Bears’ next Southnside objective is a close below support at 1,160.00.

1st resistance is seen at 1,204.70, then at 1,210.00.

1st support is seen at 1,190.00, then at 1,183.70

COMEX Gold Continuous Contract
Last 1196.4 Change + 12.9 Change % +1.1%
Open 1185.6 High 1204.1 Low 1182.7

Last Updated: 18 November 21:00 GMT

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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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