Strong Safe Haven Buyer Takes Gold Higher

Gold futures closed up $35.90 an ounce at $1,792.10 today. Prices closed near the session high today and hit another fresh six week high. Strong safe haven buying interest was seen amid the EU turmoil that is now focusing on Italy. Bulls have solid the overall near term technical advantage and gained more upside technical momentum today.

Silver futures closed up $0.711 an ounce at $34.795 today. Prices closed nearer the session high today. The silver bulls have the overall near term technical advantage. A six week old uptrend is in place on the daily bar chart.

The U.S. stock indexes closed higher today. Traders looked to do some bargain hunting despite the EU debt crisis that is now focused on Italy. U.S. stock index bulls have the overall near term technical advantage.


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