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Wednesday, June 22, 2011

Comex gold and silver futures prices june 22 june 2011, trading slightly lower Wednesday morning

Comex gold and silver futures prices june 22 june 2011, trading slightly lower Wednesday morning : Comex gold and silver futures prices are trading slightly lower Wednesday morning, as weaker crude oil prices and a firmer U.S. dollar index today are bearish impediments for the precious metals. Safe-haven investor demand as the Greek debt crisis continues to play out is limiting the downside in gold and silver. However, focus for the moment has turned to the Wednesday afternoon conclusion of the Federal Open Market Committee meeting and Fed Chairman Bernanke’s press conference following the meeting. August gold last traded down $1.10 an ounce at $1,545.30. Spot gold last traded down $2.50 an ounce at $1,545.25. July Comex silver last traded down $0.279 at $36.10 an ounce.

Focus of the market place has temporarily shifted from Greece’s debt crisis to the Wednesday afternoon FOMC statement and Bernanke press conference. Traders are expected a somewhat downbeat U.S. economy assessment from the Fed chief, and will be parsing his words for other economic and monetary policy clues.

The market place is still closely watching the situation in Greece. The Greek prime minister survived a no-confidence vote Tuesday evening, and now there will be a Greek government vote on austerity measures next Tuesday. This situation is still very fluid as Greek citizens have taken to the streets to protest the government moves toward austerity. It would not be surprising to see next Tuesday’s Greek vote on implementing austerity programs to be met with protests in the streets. The severity of the protests will be what the market place will be watching. Safe-haven buying interest continues to underpin the precious metals, and especially gold, as the EU sovereign debt saga continues.

The U.S. dollar index is trading firmer Wednesday morning as trading has become choppy in the index. The dollar index remains in an overall technically bearish posture, which remains an underlying bullish factor for gold and silver markets. However, from a fundamental standpoint, it appears the EU debt crisis will prop up the U.S. dollar index and weaken the Euro currency in the coming weeks.

Crude oil prices are slightly lower Wednesday morning. Prices Monday hit a six-month low near $91.00 a barrel. Recent price action in crude oil has produced serious near-term chart damage to suggest still some more downside price potential for crude in the near term. Further downside moves in crude oil would be a bearish underlying factor for the precious metals markets.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the U.S. house price index, the weekly DOE energy stocks report and the FOMC meeting results.

The London A.M. gold fixing was $1,546.00 versus the previous P.M. fixing of $1,544.75.

Technically, August Comex gold futures bulls still have the overall near-term and longer-term technical advantage. A 4.5-month-old uptrend is in place on the daily bar chart and a 10-year-old uptrend is in place on the longer-term monthly chart. Bulls have slowly regained near-term upside technical momentum. It’s the slow and unassuming price uptrends, such as the one in gold at present, that are the most likely to continue. Bulls’ next near-term upside technical objective is to produce a close above solid technical resistance at the June high of $1,555.00. Bears’ next near-term downside price objective is closing prices below solid technical support at the June low of $1,511.40. First resistance is seen at $1,550.00 and then at $1,555.00. First support is seen at the overnight low of $1,542.00 and then at this week’s low of $1,533.60.

July Comex silver futures bulls still have the overall near-term and longer-term technical advantage. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of $34.40. Bulls’ next upside price objective is producing a close above solid technical resistance at $37.86 an ounce. First resistance is seen at the overnight high of $36.595 and then at $37.00. Next support is seen at the overnight low of $35.895 and then at $35.50 For the latest updates PRESS CTR + D or visit Stock Market news Today

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