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
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.
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.
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%|
Last Updated: 18 November 21:00 GMT
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