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

Posted by: : Paul EbelingPosted on: March 3, 2015 Gold, Silver, Copper Down, Crude Oil, Nat Gas Up
 

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

$GLD, $SLV, $JJC, $USO

  • WTI Crude Oil finished the day +0.96 at 50.54 bbl
  • Nat Gas finished +0.01 to 2.71 MMBtu
  • Apr Gold closed -3.80 at 1204.20 oz
  • May Silver fell 0.16 to 16.29 oz
  • May Copper fell 0.04 to 2.66 lb

Commentary

US Gold prices finished pit trade lower Tuesday. It’s a quieter market place so far this week.

The Key outside markets were Bullish posture precious metals Tuesday, as .DXY was weaker and Crude Oil prices higher.Thus, limiting the Southside price pressure on Gold and Silver.

Overnight news

European stocks were lifted on upbeat retail sales report coming from Germany. Retail sales in the biggest economy in the EU were up 2.9% in January, Y-Y. There was another worrisome report on the deflation front coming out of the EU, as its PPI (producer price index) was down 0.9% in January from December, and down 3.4% Y-Y.

The London PM Gold Fix is 1,212.75 Vs the London AM Gold Fix at 1,207.75.

Technically speaking

Apr Gold futures prices closed mid-range. Gold Bears have the near-term technical advantage in here. A 6-wk-old downtrend is in place on the daily.

Gold Bulls next Northside objective is a close above resistance at 1,236.70.

Gold Bears next Southside objective is a close below support at 1,190.00.

1st resistance is seen at 1,214.40, then at 1,223.00.

1st support is seen at 1,194.60, then at 1,190.00.

HeffX-LTN Analysis for GLD: Overall Short Intermediate Long
Bearish (-0.28) Bearish (-0.37) Neutral (-0.17) Bearish (-0.31)

Stay tuned…

HeffX-LTN

Paul Ebeling

The following two tabs change content below.

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 312 219 1354, or email us to get started.

Research 1 of 6

Recent News