Comex gold futures prices ended the U.S. day session moderately
lower Tuesday, pressured by bearish “outside markets” that included a
firmer U.S. dollar index and lower crude oil prices. The gold market is
also seeing some consolidation on the charts after recent gains.
However, the gold market bulls need to step up and show fresh power
very soon to keep the modest near-term technical momentum they achieved
late last week. June gold last traded down $12.40 at $1,576.30 an
ounce. Spot gold was last quoted down $15.00 an ounce at $1,578.00.
July Comex silver last traded down $0.136 at $28.185 an ounce.
The market place received a negative surprise
overnight when the Fitch credit rating agency downgraded Japan’s
sovereign debt rating due to the increasing public sector debt load.
That set the tone for a “risk off” trading day in the market place,
which was bearish for most markets, including the precious metals.
Traders are now awaiting a European Union
leaders’ summit meeting in Brussels on Wednesday. Traders and investors
want to see the next steps that will be taken by officials to try to
mop up the EU debt crisis—namely Greece’s present mess.
Also on Wednesday the Western powers meet with
Iran in Baghdad, regarding Iran’s nuclear program. The early talk is
that the Baghdad meeting could see progress made, which would be
further bearish news for the crude oil market.
Precious metals traders and investors will
continue to closely monitor U.S., EU and Chinese economic data for
early clues on monetary policy actions from the central banks.
The U.S. dollar index was firmer Tuesday. The
index Friday hit a four-month high. The greenback has benefited
recently on fresh safe-haven demand. The dollar index bulls still have
some upside near-term technical momentum. Meantime, crude oil futures
prices were lower Tuesday after hitting a 6.5-month low of $91.12 a
barrel on Monday. Crude oil remains in a bearish fundamental and
technical posture.
The London P.M. gold fixing was $1,582.50 versus the previous London P.M. fixing of $1,592.50.
Technically, June gold futures prices closed
nearer the session low again Tuesday. While recent upside price action
did give the bulls a boost, they need to show fresh power very soon to
keep that near-term momentum they gained late last week. Gold bears
have the overall near-term technical advantage. An 11-week-old
downtrend is in place on the daily bar chart. The gold bulls’ next
upside price breakout objective is to produce a close above
psychological resistance at $1,600.00. Bears' next near-term downside
price objective is closing prices below solid technical support at last
week’s low of $1,526.70. First resistance is seen at Tuesday’s high of
$1,594.40 and then at $1,600.00. First support is seen at Tuesday’s
low of $1,572.00 and then at $1,567.80. Wyckoff's Market Rating: 3.0.
July silver futures prices closed nearer the
session low again Tuesday. Silver prices are in an 11-week-old
downtrend on the daily bar chart. The silver bears have the solid
near-term technical advantage. Bulls’ next upside price breakout
objective is closing prices above solid technical resistance at last
week’s high of $29.00 an ounce. The next downside price breakout
objective for the bears is closing prices below solid technical support
at the December low of $26.50. First resistance is seen at Tuesday’s
high of $28.775 and then at $29.00. Next support is seen at Tuesday’s
low of $27.975 and then at $27.78. Wyckoff's Market Rating: 3.0.
July N.Y. copper closed down 150 points 348.70
cents Tuesday. Prices closed nearer the session low. The key “outside
markets” were bearish for the copper market Tuesday, as the U.S. dollar
index was firmer and crude oil prices were weaker. Copper bears have
the overall near-term technical advantage. Copper bulls' next upside
breakout objective is pushing and closing prices above solid technical
resistance at 365.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical support at the
January low of 340.60 cents. First resistance is seen at this week’s
high of 352.05 cents and then at 355.00 cents. First support is seen at
345.00 cents and then at last week’s low of 343.15 cents. Wyckoff's
Market Rating: 3.0.
http://www.kitco.com/reports/KitcoNews20120522JW_pm.html
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