BULLION MARKET REPORT Market Commentary METALS: December gold futures closed up $37.20 an ounce at $1,319.30. Prices closed nearer the session high and saw heavy short covering, safe haven buying and bargain hunting. A sharply lower U.S. dollar index was also bullish for gold today. There is anxiety regarding what the U.S. is going to do about a long-term fix for its debt and budget problems. While the gold market bears still have the slight overall near-term technical advantage, follow-through buying and a bullish weekly high close on Friday would give the bulls good upside near-term technical momentum to then suggest prices can at least trend sideways in the near term, if not sideways to higher. December silver futures closed up $0.555 an ounce at $21.92 today. Prices closed nearer the session high and scored a bullish outside day up on the daily bar chart. Heavy short covering and bargain hunting were featured. Silver bears still have the slight overall near-term technical advantage, but would gain good upside momentum by producing a bullish weekly high close on Friday.
Posted on: Sat, 19 Oct 2013 09:26:29 +0000
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