May 18, 2011

Commodity GOLD Comex and SIlver Trade Report 18 May

Comex gold prices ended near unchanged at MCX on Monday and silver prices were solidly lower down. Sharp losses in the crude oil market pressured the precious metals Monday, but a lower U.S. dollar index did limit the downside gold and silver. FOR MORE OVER MCX GOLD PRICES READ HERE

June gold last traded up $1.00 at $1,494.60. Spot gold last traded down $0.40 an ounce at $1,495.50. July Comex silver last traded down $0.75 at $34.26 an ounce.

The recent reports have shown that worldwide demand for crude oil has lowered due to the higher prices. There is also technical weakness in the NCDEX crude oil market. The commodity trading in NCDEX crude has become choppy in recent trading session. Crude oil is still the leader in the raw commodity market sector. If crude oil prices will lowered some more than it affect many other commodity markets, including precious metals. MCX TIPS OVER MCX METALS CLICK

The U.S. dollar index was trading near steady Monday morning, but then sold off as the day wore on  Any sustained recovery in the U.S. dollar index would be a bearish development for the precious metals markets. Euro zone inflation rose to 2.8% year on year in April, according to a Eurostat report Monday. 

Technically, June Comex gold futures closed near mid-range Monday. Bulls do still have the overall near-term and longer-term technical advantage, but have faded recently, including a bearish weekly low close last Friday. Bulls' next near-term upside technical objective is to produce a close above solid technical resistance at last week's high of $1,526.80.

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