February gold futures closed up $7.10 an ounce at $1,413.30 today. Prices closed near mid-range today, hit a fresh four-week high and are within easy striking distance of the all-time high scored last month. Gold traders ignored a stronger U.S. dollar index today and instead focused on gold-market-bullish comments made by Fed Chairman Bernanke on CBS’s “60 Minutes” Sunday night and on a deteriorating situation in the European Union, regarding sovereign debt of its smaller countries. The gold market bulls still have the solid near-term technical advantage.
March silver futures closed up 55.9 cents at $29.84 an ounce today. Prices closed near mid-range today and hit a fresh contract and 30-year high. Gold was supported by stronger gold prices today and ignored bearish “outside markets” that included a stronger U.S. dollar and weaker crude oil and U.S. stock index futures prices. The silver bulls have the solid near-term technical advantage. Silver prices are in a four-month-old uptrend on the daily bar chart.
March N.Y. copper closed up 110 points at 401.00 cents today. Prices closed nearer the session high today and hit another fresh three-week high. The key “outside markets” were in a bearish posture for copper today, as the U.S. dollar index was higher, while crude oil and the U.S. stock indexes were lower. Yet, copper rallied anyway, which is bullish for the red metal.
