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Gold, Silver and Crude Oil Trading in the USA

US Gold futures finished pit trade sharply lower tapping a fresh 3.5-month low Tuesday. The Gold market started to sell off late-morning trading right about the time that US House Speaker Boehner mentioned a “Plan B” on the Fiscal Cliff negotiations.

It was also about the time the Soybean futures market dropped sharply on reports China had canceled some previously booked US Soybean purchases leading to some speculation of less demand for commodities coming from China.

Both bits of news probably had no big impact on precious metals markets Tuesday.

New technical selling pressure is being seen on Gold and Silver prices. Sell stops were triggered just below Key near-term technical support levels in Gold and Silver.

Feb Gold last traded off 29.20 at 1,688.80 oz.

Spot Gold was last quoted off 30.10 at 1,668.50 oz.

March Comex Silver last traded off 0.66 at 31.62 oz.

Tuesday’s major sell off in the Gold market came on no major fundamental news to move prices sharply, this action has many market watchers wondering.

Over the past weeks we have seen unexpected and inexplicable quick downside price moves in Gold and Silver.

Many traders and investors are wondering and frustrated about the role of “manipulators” in the Gold and Silver markets. Watching, trading and analyzing the markets on a full-time basis for more 25 yrs, the big players in the market place can and do manipulate markets on a short-term basis according to what I read.

This kind of action is not exclusive to the Gold and Silver markets. It happens in nearly all traded markets, it is nothing new.

I have learned that is important to know is that no individual trader or firm can control or manipulate a market’s price for very long. Even the major central banks of the world have tried manipulation in the currency markets central bank intervention to the tune of billions in currency with only marginal initial success, and not a lasting impact.

When i look at the long-term monthly chart for Gold you see that prices are presently in a strong 11 yr up-trend and Gold has been 1 of the best market performers of any asset class for the past 11 yrs.

So if some big player has been trying to manipulate Gold to the Southside, it has not worked in the last 11 yrs.

Here at LTN I call it like I see it daily and weekly and have done for may years now. I can usually see where the buy and sell stop orders are daily in the Gold and Silver futures markets.

Stops are pre-placed orders to buy or sell once a predetermined price is tapped. I have studied technical analysis, watched the markets over the past 18 yrs and have a pretty good idea of where the buy stops and sell stops are located. I provide a report fundamental and technical weekly on the precious metals and energy trade: http://www.livetradingnews.com/gold-silver-and-crude-oil-price-update-98510.htm#.UNDPC28smh0

Attention of the market place remains on the US Fiscal Cliff tax increases and spending cuts. Monday there looked to be some movement on the Republican side toward more middle ground, which suggested both sides are coming closer to a deal, but not imminent. The US and world stock markets are seeing a boost so far this week. The market place is betting that there will be an agreement among US lawmakers to avoid the Fiscal Cliff.

Overnight news: Asian and European stock markets moved higher on the percieved progress on the US budget talks. Data from the European Union showed Spain’s local banks held a record amount of bad debt in October as overall loans dropped to a 5 yr low. The EU still faces major financial and economic problems going forward.

The USD index was lower Tuesday tapping a 2 month low. The “Greenback Bulls” faded.

Nymex Crude Oil futures prices firmed Tuesday.

Crude Oil (WTI) 88.06 0.86 (+ 0.99%)

The Crude Oil Bears have the near-term technical advantage.

These 2 Key outside markets were in Bullish mode for Gold and Silver Tuesday, that did not overcome the technical selling pressure, however these Key elements continue to impact the precious metals markets on a daily.

The London PM Gold fixing is 1,694.00 Vs the prior London PM fixing at 1,695.75.