Gold, Copper, Crude Oil, Nat Gas Up, Silver Unchanged

Posted by: : Paul EbelingPosted on: June 10, 2015 Gold, Copper, Crude Oil, Nat Gas Up, Silver Unchanged
 

Gold, Copper, Crude Oil, Nat Gas Up, Silver Unchanged

$GLD, $SLV, $JJC, $USO, $UNG

Jul WTI Crude Oil finished positive for the session, following an EIA inventory report that showed a draw of 6.812-M bBls Vs. the 1.5-M consensus estimate

  • Jul COMEX Copper finished Wednesday’s session+1.5% to 2.75 lb
  • Aug Gold finished +0.8% at 1177.60 oz
  • July Silver was Unch at 15.97 oz
  • Jul WTI Crude Oil ended +2.1% at 61.37 bbl
  • Nat Gas closed +1.8% to 2.89 MMBtu

 

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Commentary

Wednesday, Gold prices finished pit trade higher. .DXY closed lower and Crude Oil prices closed higher both Bullish precious metals

September US T-Bond futures prices marked a contract low Wednesday. The turmoil in the bond markets are due in part to worries about rising inflation pressures and warnings from the ECB that higher bond market volatility could be the new normal.

The Greek EU/IMF debt negotiations are ongoing and no agreement has been reached on restructuring Greece’s sovereign debt. This is blamed for the European bond market turmoil and prompted some safe-haven buying in Gold.

The London PM Gold Fix is 1,188.50 Vs the London AM Fix at 1,186.00.

Technically speaking

Aug Gold futures prices closed near the session high.

Gold Bulls next Northside objective is a close above resistance at 1,200.00.

Gold Bears’ next Southside objective is a close below support at 1,161.00.

1st resistance is seen at 1,191.80, then at 1,200.00.

1st support is seen at 1,180.00, then at 1,174.30.

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.

Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.

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