Gold futures closed up $10.00 at $1,172.70 today. Prices closed nearer the session high today and hit a fresh nearly five month high. Gold's gains today again came despite a stronger U.S. dollar and lower crude oil futures prices. Traders this week are buying gold as a safe haven asset and as a hedge against further weakening of the European currencies as the Greek debt crisis appears to be worsening. Gold bulls have the solid near term technical advantage and have gained more upside momentum this week.
Silver futures closed down 2.4 cents at $18.095 an ounce today. Prices closed nearer the session high today and saw more profit taking pressure. The U.S. dollar index was higher today, which did limit buying interest in silver. Silver bulls still have the overall near term technical advantage. Prices are still in an 11 week old uptrend on the daily bar chart.
The U.S. dollar index closed up 16 points at 82.47 today. Prices closed near mid-range today and hit another fresh contract high on a flight to quality amid the European Union's sovereign debt crisis. The bulls have the solid overall near term technical advantage and have gained more upside momentum this week.
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The content posted above is really interesting and worth a read. The trading sentiment turned bullish after gold in the overseas markets climbed to the highest level as on signals that sovereign-debt risk may erode the value of currencies, increasing demand for the precious metal.
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