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Gold, Silver, and Crude Oil Trading

US Gold prices finished pit trade lower Tuesday on some profit taking and corrective technical action.

A firmer USD index was also a Bearish the precious metals Tuesday.

Feb Gold last traded – 6.40 at 1,745.60 oz.

Spot Gold was last quoted -6.40 at 1,743.50 oz.

Mar Comex Silver last traded -0.144 at 34.085 oz.

Overnight, the European stock markets rallied modestly on news that Eurozone leaders meeting in Brussels agreed late Monday to disburse the bailout funds to Greece. Most market watchers thought the EU leaders would grant the monies to Greece. The deal calls for Greece to cut its debt to 124% of GDP by Y 2020 and a reduction in the interest rate charged to Greece on the loans. The EUR currency was initially supported on the Greece news but faded later. The world markets saw no real reaction to the news on Greece.

The US economic data released Tuesday generally signaled better-than-expected readings overall, and that put some upside pressure on the USD index, which helped drive Gold and Silver prices to their lows.

Traders and investors are also focused on the negotiations among US lawmakers and President Obama regarding the “F-Cliff” tax increases and spending cuts that are approaching. The US Congress is back from its Thanksgiving holiday, so expect some news from them this week, which may be market-sensitive.

In the Middle East there are growing tensions in Egypt, as its President awarded himself major powers last week, and the public did not like it. Protesting in the streets is ongoing week. This situation bears close watching and if it escalates, it will more significantly impact markets.

The USD index rallied on the upbeat US economic data Tuesday but did hit a 3 wk low overnight. Meantime,

Nymex Crude Oil prices were a bit lower Tuesday. The Crude Oil Bears still have the overall near-term technical advantage in here.

Crude Oil (WTI) 87.40 -0.34 ( -0.39%)

The precious metals markets will continue to monitor these 2 Key outside markets for signals on daily price direction.

The London PM Gold fixing was 1,746.25 Vs the prior PM fixing at 1,750.50.

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