Gold prices ended the U.S. day session moderately higher and hit a 3.5-month high Thursday, on follow-through buying strength after Wednesday’s solid gains.
Prices are now closing in on $1,200.00 an ounce.
Bullish near-term technical momentum continues to build for the yellow metal, and to a lesser extent for silver, whose prices are hovering at a nearly four-month high.
December Comex gold was last up $7.30 at $1,187.10 an ounce.
December Comex silver was last up $0.038 at $16.15 an ounce.
Technically, December gold futures prices closed nearer the session high today.
The bulls have the overall near-term technical advantage and have momentum on their side, too.
Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,200.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,156.40.
First resistance is seen at today’s high of $1,191.70 and then at $1,200.00.
First support is seen at $1,180.00 and then at today’s low of $1,173.90.
Wyckoff’s Market Rating: 6.5
UML Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
