Gold futures closed up $6.10 at $1,111.50 today. Prices closed near mid range today and were supported by a weaker U.S. dollar index and sharply higher crude oil prices. More short covering and fresh speculative buying interest supported gold today. However, prices are still in a four week old downtrend on the daily bar chart.
Silver futures closed up 46.4 cents at $17.37 an ounce today. Prices closed near the session high today and were supported on short covering and fresh speculative buying interest amid the weaker U.S. dollar, sharply higher crude oil prices and firmer U.S. stock index futures. Bulls have regained the slight near term technical advantage in silver.
The U.S. dollar index closed down 40 points at 81.57 today. Prices closed nearer the session low today on profit taking pressure from recent gains. The bulls still have the solid overall near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at 83.00.
The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010
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