Gold futures closed up $12.70 at $1,127.20 today. Prices again closed nearer the session high today and hit another two week high today. Short covering and fresh speculative buying interest were featured today. The market was also supported by a lower U.S. dollar index and higher crude oil futures prices today. Bulls this week have gained good upside near term technical momentum. Bulls have the near term technical advantage.
Silver futures closed up 36.4 cents at $17.89 an ounce today. Prices closed nearer the session high today and hit a fresh 2.5 month high. The key "outside markets" were in a bullish posture for silver today, as the U.S. dollar index was lower, while crude oil and U.S. stock index futures prices were higher. Silver bulls have the near term technical advantage, and have gained fresh upside near term technical momentum this week.
The U.S. dollar index closed down 36 points at 80.93 today. Prices closed near the session low again today and closed at a bearish weekly low close. No serious chart damage has occurred but the bulls have faded this week on profit taking pressure. The bulls do still have the overall near term technical advantage.
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