Comex gold futures ended the U.S. day session sharply higher and near the daily high Thursday. The precious metals made a midday surge, to extend earlier price gains, on news that Spain’s government announced its budget plan will meet deficit targets this year, which the market place greeted with approval. Meantime, growing optimism that China will further stimulate its economy following a big central bank injection of liquidity into China’s financial system earlier Thursday also helped to give the precious metals markets a boost. December gold last traded up $26.90 at $1,780.70 an ounce. Spot gold was last quoted up $25.80 an ounce at $1,779.50. December Comex silver last traded up $0.79 at $34.73 an ounce. At mid-morning gold and silver futures extended what were only modest early gains in the wake of surprisingly weak U.S. economic data that was issued by the government. U.S. durable goods orders fell a whopping 13% in August, while the latest estimate for second-quarter U.S. gross domestic product saw the growth rate shaved by 0.4%, to just 1.3% growth. Technically, December gold futures prices closed near the session high Thursday and were boosted by fresh technical buying as the end of the month and end of the quarter occurs on Friday. Gold bulls still have the solid overall near-term technical advantage and regained some fresh upside momentum Thursday. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the 20012 high of $1,800.90. Bears’ next near-term downside price objective is closing prices below solid technical support at $1,720.00. First resistance is seen at Thursday’s high of $1,782.90 and then at the September high of $1,790.00. First support is seen at $1,775.00 and then at $1,768.00. December silver futures prices closed nearer the session high Thursday and saw fresh technical buying. Silver bulls are in firm near-term technical command. Prices are in a nine-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $36.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.51. First resistance is seen at Thursday’s high of $34.815 and then at $35.00. Next support is seen at $34.50 and then at $34.00.
Great Southern Coins

DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.