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Thursday, September 16, 2010

Gold round up at 18.00 on 16/09/2010

Comex gold futures prices are trading solidly higher Thursday morning and have hit a new all-time record high on keen speculative and technically related buying interest. December Comex gold last traded up $9.00 an ounce at $1,277.70. Spot gold was last quoted up $8.10 at $1,277.00.
The U.S. dollar index is weaker Thursday, which is providing added support to the gold market. U.S. stock indexes are weaker early Thursday, while U.S. Treasuries are slightly higher, which is also mildly supportive for the gold market as it shows investor risk appetite is not as robust Thursday.
U.S. economic reports due out Thursday include weekly jobless claims, the producer price index, U.S. Treasury securities flow data and the Philadelphia Fed business survey. Traders are looking ahead to arguably the most important U.S. economic report of the week on Friday: the consumer price index. They reckon that report could provide the Federal Reserve with ammunition to further stimulate the U.S. economy with quantitative easing.
The London A.M. gold fixing was $1,271.25 versus the previous London P.M. fixing of $1,267.00.
From an important technical perspective, December Comex gold futures bulls have the strong overall near-term and longer-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. Look for bigger daily price moves now that gold prices are in uncharted territory.
Bulls' next near-term upside technical objective is to produce a close above psychological resistance at $1,300.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,250.00. First resistance is seen at $1,285.00 in December gold, and then at $1,290.00. Support is seen at $1,270.00 and then at the overnight low of $1,266.10. Today's near-term Fibonacci support/resistance level: $1,264.00.
Comex silver futures are higher Thursday. December silver last traded up 14.4 cents at $20.715 an ounce. Prices overnight scored another fresh 26-month high. Silver bulls still have the solid near-term technical advantage. There are still no early technical clues to suggest a market top is close at hand. The next downside price objective for the bears is closing prices below solid technical support at $20.00. Bulls' next upside price objective is producing a close above solid technical resistance at $21.00 an ounce. First resistance is seen at $20.80 and then at $20.90. Next support is seen at the overnight low of $20.475 and then at $20.34. Today's near-term Fibonacci support/resistance level: $20.38.

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