April Gold closed down 2.8 at 1722.1. This was 8.3 up from the low and 7.8 off the high.
March Silver finished down 0.374 at 33.348, 0.497 off the high and 0.093 up from the low.
April gold spent a lot of the Tuesday US trade below the Monday close and that prompted some traders to suggest that a pattern of lower highs and lower lows has remained in place. While some analysts today tried to suggest that lingering Euro zone problems could eventually lend support to gold prices, the gold market has recently been pressured by negative news flow from Europe. In other words, news of credit downgrades in Europe cast a black cloud over gold and physical commodity markets today and that focus might be difficult to alter in the coming trading sessions. The bull camp clearly needed US scheduled data to countervail negative Euro developments today and that didn't happen.
Like gold, the silver market continued to carve out a pattern of lower highs and lower lows on the charts. With Moody's rekindling concerns toward the Euro zone with their ratings news overnight, silver and other physical commodity markets were clearly undermined. If the trade was in a bullish posture today, they might have managed to spin the Japanese liquidity move into a more positive development, but the silver trade instead embraced the negatives. With a flurry of US scheduled data due out over the coming three trading sessions, silver and physical commodity markets need to see something positive to take the markets attention away from everything Euro!
No comments:
Post a Comment