Gold prices ended the U.S. day session modestly higher in thin holiday dealings Thursday. Some short covering and bargain hunting, and even some fresh safe-haven demand, lifted the yellow metal. February gold last traded up $3.40 an ounce at $1,664.10. Spot gold was last quoted up $4.00 at $1,664.00. March Comex silver last traded up $0.17 at $30.205 an ounce. Many traders and investors are on the sidelines this week, enjoying the holiday season. That is making for thin market conditions. Investors and traders continue to worry about the U.S. fiscal cliff negotiations that have stalled and now with only a few days left for U.S. lawmakers to reach a deal. President Obama did come back from his Hawaii vacation early. However, there was no progress on the matter as of Thursday afternoon. That did prompt some mild safe-haven demand for gold Thursday. U.S. lawmakers have until January 3 to come to agreement before the government falls off the fiscal cliff. Markets do not like uncertainty and most markets remain jittery as the deadline draws closer. Some slightly better U.S. economic data released Thursday provided little fresh impetus to the precious metals markets, or any of the other markets for that matter. In overnight news, the Japanese stock market rallied to a nearly two-year high on hopes for more monetary policy stimulus coming from the Bank of Japan. European stock markets were firmer, helped in part by a successful auction of Italian bonds and better Italian manufacturing data. Technically, February gold futures prices closed nearer the session high Thursday. But the gold bears still have the overall near-term technical advantage. A 2.5-month-old downtrend is in place on the daily bar chart. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the November low of $1,674.70. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,630.00. First resistance is seen at this week’s high of $1,668.70 and then at 1,674.70. First support is seen at this week’s low of 1,650.60 and then at $1,640.00. March silver futures closed prices closed near mid-range Thursday. Short covering and bargain hunting were also featured. The silver bears still have the near-term technical advantage. Prices are in a steep four-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $32.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $29.00. First resistance is seen at Thursday’s high of $30.53 and then at $30.79. Next support is seen at last week’s low of $29.635 and then at $29.50.
Great Southern Coins
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