Gold Market Recap
The Gold market marked a range up extension Monday, and in the process the Dec contract reache the highest level since September 21st.
A higher USD was of little concern to the Gold market Monday as safe-haven interest off the prospect of a breakdown in the Italian situation was almost all encompassing for the Gold trade today.
With noted gains in Silver and Platinum too, I get the impression that safe-haven interest is broadening out from its recent concentration on Gold.
It is also possible that Gold and Silver received a lift from speculation of increase central bank buying ahead off any worsening of the EuroZone debt crisis.
Gold futures rallied 1.9% to finish at 1791 oz,
Silver Market Recap
The Silver market marked a quasi upside breakout on the charts and in the process the Dec Silver contract reached its highest level since October 31st.
Like Gold, the Silver market was not held back because of gains in the USD, as Silver from the early low was able to rally for 1.03 oz.
For the near term it looks like the Silver trade is poised to track flight to quality issues and not classic physical commodity market factors.
It is also possible that Silver and Gold prices are seeing some fresh buying interest off recent speculation that the EuroZone crisis was poised to prompt central bank interest in precious metals.
Silver futures finished + 2.2% at 34.83 oz.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.