A.M. Kitco Metals Roundup: Gold Slips on Firmer U.S. Dollar Index, Weaker Crude Oil

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stronger U.S. dollar index and a weaker Euro currency are weighing on gold prices early Tuesday. June Comex gold was last traded down $3.50 an ounce, at $1,150.50. Traders are awaiting the latest news on Greece's sovereign debt situation. Many traders look for gold to trade in a choppy and sideways fashion in the near term, as traders try to sort out the Greece situation.
Spot gold prices in London were also weaker early Tuesday as the Euro was under more selling pressure due to the Greek financial crisis. The Euro is hovering near a 1.5-plus year low against the U.S. dollar. Weaker world equities prices also weighed on gold Tuesday, due to less investor risk appetite. Gold remains near a record high in Euro currency terms, as some traders look to hedge European currency risk by buying gold.
U.S. economic data out Tuesday include the Case-Shiller home price index, the U.S. consumer confidence index and the Richmond and Chicago Feds' manufacturing indexes. The FOMC Tuesday morning begins its two-day policy meeting.
The London A.M. gold fix was $1,152.25 versus the previous P.M. fixing of $1,154.50.
(Note: I want my mission at Kitco to not only be providing you with timely, objective market analysis, but also providing you with some continuing trading education. A while back I write a feature story entitled, "The Top 10 Trading Mistakes and How to Avoid Them." If you'd like to read it, just send me an email at [email protected] and I'll attach it and email it back to you. I do enjoy sharing my 25 years of market experience with my readers.--Jim)
Technically, June Comex gold futures bulls still have the overall near-term and longer-term technical advantage. Prices are still in an 11-week-old uptrend on the daily bar chart. For June gold, shorter-term technical resistance is seen at the overnight high of $1,157.60 and then at Monday's high of $1,160.70. Buy stops likely reside just above those levels. Sell stops likely reside just below shorter-term support at $1,146.60 and then at $1,140.00. Today's key near-term Fibonacci pivot level for June gold: $1,142.00.
Comex silver futures are weaker in early trading Tuesday. May silver last traded down 16.7 cents an ounce at $18.17. May silver futures prices are in an 11-week-old uptrend on the daily bar chart. The silver bulls still have the overall near-term technical advantage. May silver finds shorter-term technical resistance at the overnight high of $18.35 and then at this week's high of $18.42. Buy stops likely reside just above those levels. Shorter-term technical support for May silver is located at $18.00 and then at $17.85. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for May silver futures is located at $17.92.
By Jim Wyckoff, contributing to Kitco News; [email protected]
 

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