Gold, Silver Up, Crude Oil And Nat Gas Down

Posted by: : Paul EbelingPosted on: January 22, 2015 Gold, Silver Up, Crude Oil And Nat Gas Down
 

Gold, Silver Up, Crude Oil And Nat Gas Down

  • Mar WTI Crude ended -1.40 at 46.38 bbl
  • Feb Nat Gas ended -0.14 at 2.84 MMBtu
  • Feb Gold + 8.20 to 1301.50 oz
  • Mar Silver + 0.17 to 18.36 oz

Commentary

Thursday, Gold ended pit trade in the US higher. Safe-haven buying came in after the  European Central Bank implemented its QE program. The QE package was more aggressive than most expected adding  uncertainty in the market.

Feb COMEX Gold was last up 10.40 at 1,304.10 oz.

Spot Gold was last up 9.50 at 1,302.90 oz.

Mar COMEX Silver was last up 0.18 at 18.36 oz.

The ECB committed to a EUR 1-T + stimulus package, or EUR 60-B per month in asset purchases until September 2016. Euro was pressured to an 11-yr low Vs. USD on the news. The ECB’s move is to try to invigorate the flagging EU economy.

European bond markets rallied on the news, as did European and US stock indexes.

The rallying stock and European bond markets took away some interest in the Gold market.

The next big news event for the markets will be this weekend’s Greek elections, which could determine if that country remains a member of the EU.

US economic data Thursday included the weekly jobless claims report, the monthly house price index, the weekly DOE liquid energy stocks report, and the Kansas City Fed manufacturing survey, they had little to no effect on the markets.

The London PM Gold Fix is 1,295.75 Vs the London AM Gold Fix at 1,287.00.

Technically speaking

Feb Gold futures closed near session highs, and marked a Bullish Outside Range Day up on the daily Thursday. The Gold Bulls have Northside momentum and the near-term technical advantage.

Gold Bulls next Northside objective is a close above resistance at 1,323.00.

Gold Bears next Southside objective is a close below support at 1,272.10.

1st resistance is seen at 1,307.80, then at 1,310.00.

1st support is seen at 1,290.00, then at 1,279.10.

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.

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