Gold, Silver and Index Commentary For Monday Evening

Gold futures closed up $23.10 at $1,240.80 today. Prices closed near the session high today on short covering and fresh speculative buying. There was a rumor that one big hedge fund was a major buying of gold with the Euro currency today. More safe haven buying interest in gold was also seen today. The gold bulls have the solid overall near term technical advantage and regained upside momentum today. There are still no early technical clues to suggest a market top is close at hand.

Silver futures closed up 84.6 cents at $18.145 an ounce today. Prices closed nearer the session high today after hitting a fresh four week low early on. Prices also scored a big and bullish "outside day" up on the daily bar chart today as the bulls quickly regained upside technical momentum.

The U.S. stock indexes closed lower today, in the wake of last Friday's weak U.S. jobs data and ongoing jitters coming out of the European Union. Stock index bears have the overall near term technical advantage and have now regained fresh downside technical momentum.


Have You Missed The Bull Run in Gold? Maybe Not!


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