Monday 13 June 2011
Posted by
Admin Hijrah Dinar
(Kitco News) - Comex gold futures prices are trading
steady to weaker and silver is lower in quieter early dealings, as
much of Europe is on holiday Monday. Lower crude oil prices are
modestly bearish for the precious metals markets to start the new
trading week. August gold last traded down $0.80 an ounce at $1,528.40.
Spot gold last traded down $4.80 an ounce at $1,527.75. July Comex
silver last traded down $0.697 at $35.63 an ounce.
Crude oil prices are trading lower again early Monday, on follow-through selling pressure from strong losses posted on Friday. Crude oil bulls are fading amid reports Saudi Arabia will begin pumping more crude oil in July. Weaker U.S. and China economic data recently is a major bearish fundamental that is pressuring the crude oil market. Overall, crude oil prices remain trapped in a wide, sideways trading range, but are now in the bottom portion of that range. Crude oil has been and will continue to be a leader in the raw commodity market sector.
There is some key economic data coming out of China early this week, and that will be closely watched by the market place. More weak Chinese data would be a bearish factor for the commodity markets, including the precious metals.
The U.S. dollar index is trading slightly lower Monday morning. However, the index on Friday did post a bullish weekly high close as the bulls did gain a bit a fresh upside technical momentum, but need to show more power early this week to keep it. A weakening Euro currency as the European Union's debt problems are back on the front burner are pressure the Euro and supporting the U.S. dollar index. Any significant deterioration in the EU sovereign debt situation would be U.S. dollar-bullish. Reports say there is still no final IMF/EU/Greece agreement in place for dealing with Greece's sovereign debt problems.
There is no major U.S. economic data due for release Monday.
There was not a London A.M. gold fixing Monday due to a European holiday.
Technically, August Comex gold futures trading action has turned sideways on the daily chart recently, but bulls still have the solid overall near-term and longer-term technical advantage. A four-month-old uptrend is still in place on the daily bar chart and a 10-year-old uptrend is in place on the longer-term monthly chart. Bulls' next near-term upside technical objective is to produce a close above solid technical resistance at the June high of $1,555.00. Bears' next near-term downside price objective is closing prices below solid technical support at the June low of $1,520.40. First resistance is seen at the overnight high of $1,533.90 and then at $1,540.00. First support is seen at the overnight low of $1,524.40 and then at $1,520.40.
July Comex silver futures bulls still have the overall near-term and longer-term technical advantage, even though prices have been trading in a choppy and sideways fashion for several weeks. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of $35.065. Bulls' next upside price objective is producing a close above solid technical resistance at $38.00 an ounce. First resistance is seen at $36.00 and then at the overnight high of $36.35. Next support is seen at the overnight low of $35.345 and then at $35.065.
My Twitter followers now number in the thousands! If you are not on board, then you are not getting key analysis and perspective as fast or as often as you could! Follow me on Twitter to get my very timely intra-day and after-hours briefs on precious metals price action. The precious markets will remain very active. If you want market analysis fast, and in after-hours trading, then follow my up-to-the-second precious metals market perspective on Twitter. It's free, too. My account is @jimwyckoff .
By Jim Wyckoff of Kitco News; jwyckoff@kitco.com
Crude oil prices are trading lower again early Monday, on follow-through selling pressure from strong losses posted on Friday. Crude oil bulls are fading amid reports Saudi Arabia will begin pumping more crude oil in July. Weaker U.S. and China economic data recently is a major bearish fundamental that is pressuring the crude oil market. Overall, crude oil prices remain trapped in a wide, sideways trading range, but are now in the bottom portion of that range. Crude oil has been and will continue to be a leader in the raw commodity market sector.
There is some key economic data coming out of China early this week, and that will be closely watched by the market place. More weak Chinese data would be a bearish factor for the commodity markets, including the precious metals.
The U.S. dollar index is trading slightly lower Monday morning. However, the index on Friday did post a bullish weekly high close as the bulls did gain a bit a fresh upside technical momentum, but need to show more power early this week to keep it. A weakening Euro currency as the European Union's debt problems are back on the front burner are pressure the Euro and supporting the U.S. dollar index. Any significant deterioration in the EU sovereign debt situation would be U.S. dollar-bullish. Reports say there is still no final IMF/EU/Greece agreement in place for dealing with Greece's sovereign debt problems.
There is no major U.S. economic data due for release Monday.
There was not a London A.M. gold fixing Monday due to a European holiday.
Technically, August Comex gold futures trading action has turned sideways on the daily chart recently, but bulls still have the solid overall near-term and longer-term technical advantage. A four-month-old uptrend is still in place on the daily bar chart and a 10-year-old uptrend is in place on the longer-term monthly chart. Bulls' next near-term upside technical objective is to produce a close above solid technical resistance at the June high of $1,555.00. Bears' next near-term downside price objective is closing prices below solid technical support at the June low of $1,520.40. First resistance is seen at the overnight high of $1,533.90 and then at $1,540.00. First support is seen at the overnight low of $1,524.40 and then at $1,520.40.
July Comex silver futures bulls still have the overall near-term and longer-term technical advantage, even though prices have been trading in a choppy and sideways fashion for several weeks. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of $35.065. Bulls' next upside price objective is producing a close above solid technical resistance at $38.00 an ounce. First resistance is seen at $36.00 and then at the overnight high of $36.35. Next support is seen at the overnight low of $35.345 and then at $35.065.
My Twitter followers now number in the thousands! If you are not on board, then you are not getting key analysis and perspective as fast or as often as you could! Follow me on Twitter to get my very timely intra-day and after-hours briefs on precious metals price action. The precious markets will remain very active. If you want market analysis fast, and in after-hours trading, then follow my up-to-the-second precious metals market perspective on Twitter. It's free, too. My account is @jimwyckoff .
By Jim Wyckoff of Kitco News; jwyckoff@kitco.com
Category:
Gold Saving / Investment
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment