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Crude Oil Prices

December 7, 2011 by staff 

Crude Oil PricesCrude Oil Prices, Comex February gold futures prices are trading slightly lower in early U.S. trading Wednesday. Gold bulls are fading this week. Gold is under mild selling pressure Wednesday on the bearish outside market forces of a firmer U.S. dollar index and steady to weaker crude oil prices.

Don’t be surprised to see bargain-hunters step in soon to buy this latest dip in prices. February gold last traded down $3.30 at $1,728.10 an ounce. Spot gold last traded down $4.50 an ounce at $1,725.50. March Comex silver last traded down $0.264 at $32.48 an ounce.

The market place is still looking to the ongoing European Union debt crisis and the latest machinations coming from EU and IMF officials. There is an EU summit meeting Friday that is the latest “very important meeting” to surface in this seemingly never-ending debacle. Talk in the market place now is that Germany is dragging its feet on any firm decisions coming out of Friday’s meetings. The general tenor of the market place, regarding the EU situation, is a bit calmer this week than in recent weeks. It could be that traders and investors are just sick and tired of trying to assess the whole situation. Still, more and more traders and investors are reckoning the worst may now be past regarding the EU debt crisis. European Union bond yields are suggesting such, as they have dropped from recent higher levels.

The U.S. dollar index is slightly higher again Wednesday morning and that’s a negative factor for the precious metals. The dollar index bulls still have the overall near-term technical advantage. Crude oil prices are trading steady to weaker Wednesday morning, which is also a negative outside market factor for metals today. However, crude oil prices are still above $100.00 a barrel and crude oil bulls have the overall technical advantage which is still an underlying overall bullish factor for the precious metals.

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