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Thursday, January 12, 2012

Comex gold, silver futures prices Technical analysis january 12 2012

Comex gold, silver futures prices Technical analysis january 12 2012 : Comex February gold futures prices are trading solidly higher Thursday morning and hit another fresh four-week high overnight. The key “outside markets” are in a bullish posture for the precious metals Thursday morning—a weaker U.S. dollar index and higher crude oil prices. The gold bulls also have gained fresh upside near-term technical momentum this week. February gold last traded up $16.70 at $1,656.30 an ounce. Spot gold was last quoted up $12.20 an ounce at $1,655.75. March Comex silver last traded up $0.625 at $30.515 an ounce.

The U.S. dollar index is trading weaker Thursday morning on some profit taking from recent gains that saw a 16-month high scored Monday. The dollar index bulls do still have the solid overall near-term technical advantage. However, the stronger dollar has been less of a bearish weight on gold recently, as the yellow metal has seen better safe-haven demand surface.

Crude oil prices are trading higher Thursday morning, and are trading above $100.00 a barrel. That’s a bullish near-term factor for the precious metals. Crude oil will remain an important “outside market” factor for the precious metals.

Fresh developments coming out of the European Union debt crisis include successful auctions of Italian and Spanish debt Thursday. Also, traders were awaiting the results of the European Central Bank meeting Thursday. If recent history continues to play out it won’t be too long until the EU debt crisis is back on the front burner of the market place, which could further boost gold on better safe-haven investment demand.

There are also reports of better physical demand for gold, especially from Asian countries, as the new year gets under way. Reports said with China’s lunar new year approaching and with the recent declines that were seen in gold prices, the Chinese are stepping in to buy physical gold.

The London A.M. gold fixing was $1,652.50 versus the previous London P.M. fixing of $1,634.50.

U.S. economic data due for release Thursday includes the weekly jobless claims report, retail sales, manufacturing and trade inventories and sales, and the monthly Treasury budget statement.

Technically, February Comex gold futures prices have made a good rebound from the late-December low and hit another fresh four-week high overnight. Bulls have gained good upside near-term technical momentum recently, which is also drawing in buyers. Bulls’ next upside technical breakout objective is to push prices above psychological resistance at $1,700.00. Bears’ next near-term downside price objective is closing prices below pychological support at $1,600.00. First resistance is seen at the overnight high of $1,659.00 and then at $1,670.00. First support is seen at the overnight low of $1,640.90 and then at Wednesday’s low of $1,630.80.

March Comex silver futures prices hit a fresh four-week high overnight. Silver bulls have also gained fresh upside near-term technical momentum recently and their next upside price breakout objective is closing prices above solid technical resistance at $32.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $28.12. First resistance is seen at the overnight high of $30.64 and then at $31.00. Next support is seen at $30.00 and then at the overnight low of $29.87. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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