The Precious Metals and Energies Recap

Gold futures prices ended the US day session sharply lower Thursday pressured by a general sell off in the raw commodity sector, of which Gold was included, as opposed to a safe-haven asset.

The Key outside markets were in full Bear costumes for precious metals Thursday, as the USD index was higher and Crude Oil prices sharply lower.

Some near-term technical damage was hammered into the Gold market Thursday as prices dropped below what was solid near-term technical support at last week’s low of 1,736.60.

Dec Gold traded down 56.00 at 1,718.30 oz.

Spot Gold traded down 45.00 at 1,717.75 oz.

Dec Silver traded down 2.267 at 31.555 oz

The European Union financial and sovereign debt crisis was ratcheted up again Thursday when bond yields in Spain pushed above the critical 7% level.

Other EU nations’ bond yields also rose on Thursday, which suggests financial liquidity in the EU is slowly drying up.

Wednesday it was France and its financial condition that were the concern for the market. The EU debt crisis is not fully resolved to the markets satisfaction as of Thursday, the raised EU uncertainty remains an overall Bullish for the Gold market IMO.

The US Dollar index again traded higher Thursday morning and hit another fresh 5-week high overnight, on safe-haven demand due to the EU debt crisis.

The Dollar index Bulls have gained upside near-term technical momentum this week and that is Bearish near term for precious metals.

Crude Oil prices traded lower on profit taking Thursday, after hitting a fresh 5-month high of 103.37 bbl overnight. While Crude was a negative outside market force for the precious metals Thursday, Crude prices are in a solid near-term up-trend and that’s an overall Bullish underlying fundamental for Gold and Silver IMO.

If recent history plays out to form, Gold prices will become a value or bargain hunting buying opportunity on this price dip.

The London P.M. gold fixing was 1,742.50 versus the previous P.M. fixing of 1,756.00.

The Overall Technicals

December Gold futures prices closed nearer the session low Thursday as the market fell to a fresh 2-week low.

Some near-term technical damage was see on Thursday, as a 7-week-old up-trend on the daily bar chart was at least temporarily negated as prices dropped below what was solid technical support at the last “reaction low” on the daily chart, which is last week’s low of 1,736.60, to negate the near-term price up-trend.

Bulls still have the slight overall near-term technical advantage but are fading fast and need to show fresh power soon.

Bulls’ next upside technical objective is to produce a close above solid technical resistance at the October high of 1,754.00.

Bears’ next near-term downside price objective is closing prices below psych support at 1,700.00.

The 1st resistance is seen at 1,736.60 and then at 1,754.00.

The 1st support is seen at Thursday’s low of 1,711.00 and then at 1,700.00.

Dec Silver futures prices closed nearer the session low Thursday and hit a fresh 3-week low.

Some near-term technical damage was inflicted in Silver Thursday, as a 7-week-old up-trend on the daily bar chart was negated.

Bulls have faded badly and are now on a level near-term technical playing field with the Bears.

Silver Bulls’ next upside price objective is producing a close above solid technical resistance at this week’s high of 34.92 oz.

The next downside price breakout objective for the Bears is closing prices below major psych support at 30.00.

The 1st resistance is seen at 32.00 and then at 32.50.

The next support is seen at Thursday’s low of 31.04 and then at 30.50.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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