Gold, Silver, Copper, Crude Oil And Nat Gas Finished Lower
$GLD, $SLV, $JJC, $USO, $UNG
- Aug WTI Crude Oil closed 0.13 lower at 52.35 bbl
- Aug Nat Gas lost 0.04 to 2.72 MMBtu
- COMEX Copper finished -0.09 at 2.45 lb
- Aug Gold finished off 21.30 to 1151.90 oz
- Sept Silver fell 0.81 to 14.96 oz
Commentary
US Gold prices finished pit trade lower Tuesday. Chart Bearish, Bears in control.
Negotiations between Greece and the EU/IMF continued Tuesday at an EU Summit.
There is some anxiety in the market that heightened Tuesday. The EUR was lower, .DXY and US Treasuries were higher on safe-haven buying.
The Gold market has gotten no boost from this latest EU debt crisis, Gold will likely benefit in the coming months or even years from the EU debt crisis and the potential for another worldwide financial market meltdown.
Crude Oil prices hit a 3-month low, 50 bbl next, then see 43, this is a Bearish indicator for the rest of the raw commodity sector. It will be difficult for a raw commodity market to sustain a price uptrend when Crude Oil in headed due South.
China’s stock market is now down about 30% in 3 weeks since its 12 June highs.
China economic data released in recent weeks has been mostly downbeat. Expect upcoming economic developments in China will have more worldwide markets impact than turmoil in Greece.
Copper prices have fallen on China economic worries. China is the world’s largest raw commodity importer. China’s economic worries have spilled over into Australia, as the Aussie fell to a 6-yr low Vs the Buck this week.
The London PM Gold Fix is 1,156.25 Vs the AM Gold Fix at 1,166.25.
Technically speaking
Aug Gold futures prices close near the session low Tuesday. Gold prices are in a 7 wk downtrend on the daily.
Gold Bulls next Northside objective is a close above resistance at 1,174.40.
Gold Bears next Southside objective is a close below support at 1,143.80.
1st resistance is seen at 1,161.00, then at 1,170.00.
1st support is seen at 1,150.00, then at 1,146.80.
Stay tuned…
HeffX-LTN
Paul Ebeling
The post Gold, Silver, Copper, Crude Oil And Nat Gas Finished Lower appeared first on Live Trading News.