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Gold Rebounds Amid Bullish Outside Markets; Bulls Remain In Technical Control
May 13,2016 10:32CST
industry news
Source:SMM
Gold prices ended the U.S. day session higher Wednesday.

By Paul Ploumis (ScrapMonster Author)

May 12, 2016 01:09:30 AM

(Kitco News) - Gold prices ended the U.S. day session higher Wednesday on a corrective bounce from selling pressure seen earlier this week. Bullish outside markets that included a lower U.S. dollar index and higher crude oil prices on this day were also a positive for the precious metals markets. June Comex gold futures were last up $10.70 an ounce at $1,275.50. July Comex silver was last up $0.238 at $17.33 an ounce.

Wednesday was another uneventful day in the marketplace. It’s been a quieter week, markets-moving news-wise. World equities markets were mostly weaker on corrective pullbacks from gains seen earlier this week. U.S. stock indexes were weaker in afternoon trading Wednesday.

The lower U.S. dollar index Wednesday helped give a lift to many raw commodity markets. The dollar index had seen a decent rebound the past several sessions, but the greenback bears continue to have the overall near-term technical advantage. Meantime, the other key “outside market” was also friendly to the raw commodity bulls Wednesday as Nymex crude oil prices were solidly higher.

Courtesy: Kitco News


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