Gold futures closed up $4.70 at $1,140.50 today. Prices closed near mid-range today and saw a corrective bounce from selling pressure last Friday and on Monday. Higher crude oil prices added to buying interest in gold today. Uncertainty regarding the Goldman Sachs fraud charges from the SEC seem to have abated a bit, which also supported buying interest in gold today. No serious chart damage has occurred in gold, but the bulls need to show more power soon to keep the uptrend on the daily chart in place.
Silver futures closed up 11.9 cents at $17.85 an ounce today. Prices closed near mid-range today. The key "outside markets" were in a mostly bullish posture for silver today, as the U.S. dollar index was near steady, while crude oil and the U.S. stock indexes were higher. Silver bulls have the overall near term technical advantage. Prices are in a 2 1/2 month old uptrend on the daily bar chart.
The U.S. dollar index closed up 3 points at 81.13 today. Prices closed nearer the session high today in quieter trading. The bulls have the overall near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at the April high of 82.06.
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