Las ventas netas de
Metales preciosos y Crónica Energías
Dec Gold futures prices ended the US day session lower Wednesday. Gold saw selling pressure from a firmer US Dollar index.
Pero, sharply higher Crude Oil prices did limit selling pressure in the precious Yellow metal.
The European Union debt crisis was looking on the verge of escalating again, and that also limited selling pressure in safe-haven Gold.
Dec Gold last traded down 6.50 en 1,775.70 oz.
Spot Gold last traded down 6.80 en 1,775.00.
Dec Silver last traded down 0.416 en 34.04 oz.
The US Dollar index traded firmer Wednesday and hit a fresh 5-wk high, on perceived safe-haven demand due to the EU debt crisis.
The Dollar index Bulls have good upside near-term technical momentum and that has been a Bearish impediment for the precious metals.
Pero, Crude Oil prices Wednesday rose to a fresh 13-wk high of 102.58 bbl. Crude Oil prices are in a solid near-term up-trend and that’s an overall Bullish underlying fundamental for the precious metals and limited the downside in Gold Wednesday.
If recent history plays out again, Gold prices will become a value or bargain hunting buying opportunity on the price dip.
The London P.M. Gold fixing was 1,756.00 vs the previous P.M.fixing of 1,785.00.
Técnico, the Gold Bulls still have the overall near-term technical advantage. A 7-week-old up-trend is still in place on the daily bar chart.
Bulls’ next upside technical objective is to produce a close above solid technical resistance at last week’s high of 1,804.40.
Bears’ next near-term downside price objective is closing prices below solid technical support at last week’s low of 1,736.60.
The 1st resistance is seen at Wednesday’s high of 1,784.80 y luego en alta esta semana de 1,797.60.
The 1st support is seen at 1,760.00 y luego en baja el miércoles de 1,753.90.
Dec Silver futures prices closed near mid-range Wednesday.
The Key “outside markets” were also in a mixed posture for Silver Wednesday, as the US Dollar index was firmer and Crude Oil prices were sharply higher.
Los Bulls tienen la plata en general cerca de la ventaja técnica, but are fading some. A 7-week-old up-trend is in place on the daily bar chart.
Silver Bulls’ next upside price objective is producing a close above solid technical resistance at the October high of 35.70 oz.
The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of 32.105.
The 1st resistance is seen at Wednesday’s high of 34.63 y luego en alta esta semana de 34.92.
Next support is seen at Wednesday’s low of 33.57 y luego en la semana pasada bajo de 33.13.
Paul A. Ebeling, Jr.