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MUMBAI, May 03 - Near Term Comex Gold futures prices ended the U.S. day session lower Wednesday as investor risk appetite shrunk a bit due to fresh worries coming out of the European Union and on some fresh, weak U.S. economic data just released. The key “outside markets” were in a bearish daily posture for the precious metals Wednesday, as the U.S. dollar index was higher and crude oil prices were lower. June gold last traded down $9.10 at $1,653.30 an ounce. Spot gold was last quoted down $9.70 an ounce at $1,653.00. July Comex silver last traded down $0.36 at $30.57 an ounce.
As stated in our previous post, gold short term rally had to fizzle out around April 24 a date considered to be very auspicious by Indians due to Akshaya Tritiya and is considered an auspicious occasion to buy gold and in the last two years, a lot of trading interest has been observed on that day, in Gold ETF’s. We continue to feel the Gold would stay weaker until next week.
Gold Technical View : We have made things simpler for readers, we have incorporated a indicator overlaid in prices which gives the common investor the over all trend of the commodity at a glance.
On the price chart ,we have given the Cylcle strenght indicator for GOLD , Silver, Crude, Euro and Dow – and the way to interpret is as long as the indicator values is above 0% – a bullish ( strength) signal and below 0% reading indicated a bearish ( getting weaker) signal.
As you see the Gold has given a sell signals recently and the rally this week is muted. ( see previous posts and latest post here Gold Trading
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