Com Gold futures prices finished pit trade in the US off a bit on Tuesday, but tapped a new 3-wk high overnight trading.
Most of Europe closed for May Day Tuesday.
The Gold Market Bulls are trying to hold on to recently gained technical momentum.
Jun Gold last traded -1.80 at 1,662.40 oz.
Spot Gold was last quoted - 2.40 at 1,662.25 oz.
Jul Comex Silver last traded + 0.004 at 31.02 oz.
US ISM manufacturing data came in stronger than expected Tuesday, giving boost to the USD index and some new buying interest in precious metals.
The ISM report helped to drive Crude Oil prices North and to a 5-wk high, that is Bullish for the Gold and Silver markets. The market place is awaiting Friday morning's key US employment report, which is arguably the most market-sensitive economic report of the month.
WTI Crude Oil: 106.16 +1.29 (1.23%)
The EU debt and financial worries were not the focus Tuesday because most of Europe was on Holiday.
There was some more weak Chinese manufacturing data released overnight that was negative for the commodity markets.
There are bond auctions in Spain and France that will be the focus of traders this week.
The London PM Gold fixing was 1,664.00, vs. the prior London PM fixing at 1,651.25.
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.
