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Thursday, November 3, 2011

How high will Gold prices go in november 2011

How high will Gold prices go in november 2011 : Comex December gold futures are trading solidly higher and hit a fresh five-week high Thursday morning on safe-haven buying interest amid the ongoing saga of the European Union sovereign debt crisis that continues to have new twists and turns. A weaker U.S. dollar index is also helping to boost the precious metals markets Thursday morning. December gold last traded up $28.00 at $1,758.00 an ounce. Spot gold last traded up $19.30 an ounce at $1,757.25. December Comex silver last traded up $0.70 at $34.64 an ounce.

The gold market is seeing fresh safe-haven investor demand amid the fresh machinations of the European Union and its financial and sovereign debt problems. It’s a seemingly endless but predictable story of the proverbial can being kicked down the road—and gold is benefiting. Greece will hold a referendum on December 4, to decide whether to implement last week’s EU bailout package for that beleaguered nation. This has again unnerved the market place. The Group of 20 industrial nations is meeting in France today and Friday, and will address the matter. However, it now looks like the market place will once again wait for another key date—the December 4 Greece referendum.

The precious metals paid little attention to Wednesday’s results of the U.S. FOMC meeting and Fed Chairman Bernanke’s press conference after the meeting. Traders are now awaiting Friday’s U.S. employment report for some direction.

The U.S. dollar index is weaker Thursday, on more of a corrective pullback from solid gains scored earlier this week. Today’s pullback in the dollar index is a bullish factor for the precious metals and other commodity markets. However, the dollar index bulls have gained fresh upside near-term technical momentum this week.

U.S. economic data due for release Thursday includes the weekly jobless claims report, preliminary productivity and costs, manufacturers’ orders and shipments, and the ISM non-manufacturing report.

The London A.M. gold fixing was $1,732.50 versus the previous P.M. fixing of $1,743.00.

Technically, December gold bulls have the overall near-term technical advantage and gained more upside momentum Thursday. Prices are in a five-week-old uptrend on the daily bar chart. Bulls’ next upside technical objective is to produce a close above psychological resistance at $1,800.00. Bears’ next near-term downside price objective is closing prices below solid technical support at this week’s low of $1,681.20. First resistance is seen at the overnight high of $1,761.40 and then at $1,775.00. First support is seen at the overnight low of $1,724.00 and then at Wednesday’s low of $1,715.50.

Gold Perfect Mini Bubble-And-Bust Suggests Gold Price Will Hit $1800 By End November 2011

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