Comex gold prices ended the U.S. day session higher and near the daily high Thursday. Some fresh safe-haven demand is surfacing this week, amid concerns about the approaching U.S. “fiscal cliff” and about the European Union sovereign debt crisis. The gold market also saw technical chart consolidation Thursday, following active price movements earlier this week. December gold last traded up $11.50 at $1,725.50 an ounce. Spot gold was last quoted up $8.40 at $1,726.25. December Comex silver last traded up $0.559 at $32.215 an ounce. The fresh safe-haven demand in the gold market Thursday was further evidenced by very strong demand at a U.S. government Treasury note auction at midday. The Euro currency fell to a fresh two-month low Thursday amid heightened concerns regarding the European Union sovereign debt crisis. And the U.S. debt problem has also come to the front burner of the market place this week. In overnight news, the Bank of England kept its key interest rates unchanged, which was expected. The European Central Bank held its monthly meeting on Thursday. The ECB did not make any big changes to its monetary policy, as expected. ECB president Draghi’s press conference after the meeting provided no fresh clues on ECB policy changes. The Greek parliament did pass fresh austerity measures for that nation, but violent public protests occurred in Athens in reaction. It was reported Thursday that Greece’s unemployment rate rose to 25.4% in August. There is fresh speculation Spain will not ask for a financial bailout from the European Union this year. Many European Union watchers want Spain to seek assistance because it would trigger the European Central Bank’s bond-buying program and help to lower borrowing costs for financially troubled EU countries. All of the above drove the Euro currency on Thursday to a fresh two-month low against the U.S. dollar. There is a general leadership conference in China starting Thursday. The 18th National Congress of the Communist Party of China will select a new generation of leaders over the next week. Technically, December gold futures prices closed nearer the session high Thursday. Bulls have the overall near-term technical advantage and are having a good week. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at $1,755.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,672.50. First resistance is seen at this week’s high of $1,733.00 and then at $1,740.00. First support is seen at Thursday’s low of $1,712.60 and then at $1,703.00. December silver futures prices closed nearer the session high Thursday on short covering and bargain hunting. A five-week-old downtrend on the daily bar chart is still in place, but now just barely. The silver bulls and bears are on a level near-term technical playing field. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $32.695 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $30.655. First resistance is seen at this week’s high of $32.42 and then at $32.695. Next support is seen at Thursday’s low of $31.63 and then at Wednesday’s low of $31.215.
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.