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
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 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.
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.
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