Feb Gold futures prices ended pit trade near unchanged levels Monday. Trading has moved into a Holiday mode, and volumes are lighter and price movements generally smaller.
The market place did get a bit of a jolt overnight when news reports said North Korean leader Kim Jong Il had died, and the market uncertainty was not extreme. Traders will continue to keep a close eye on this for any unexpected developments that could quickly change the mode of the market place.
The Gold market is also presently trying to stabilize and consolidate recent losses that did produce near-term technical damage last week.
Feb Gold last traded + 0.20 at 1,598.10 oz.
Spot Gold last traded down 2.90 at 1,596.75 oz.
Mar Comex Silver last traded down 0.611 at 29.06 oz.
The precious metals are seeing some mild bargain-hunting buying interest enter the market place following the recent strong selling pressure.
Barring any major flare-up in the EU debt crisis, the North Korean situation or some other geo-political surprise development, look for the precious metals and most other markets to quiet down and see low-volume trading until after the Holidays. The major fund players have likely closed up their books for the year.
The US Dollar index traded near steady Monday on some profit taking after hitting an 11-month high last week. The Dollar Index Bulls still have the solid overall near-term technical advantage, which is still a major Bearish underlying factor for the precious metals markets.
Crude Oil prices traded steady to firm on Monday, which was a slight positive for the precious metals. Crude Oil was also pounded lower last week and near-term technical damage was also seen in that major “outside market” force for the other commodity markets.
WTI Crude Oil last traded at 93.62 +.09 +.09%
The London P.M. gold fixing was 1,598.00 vs. the previous P.M. fixing of 1,594.00.
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.
