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P.M. Kitco Metals Roundup: Gold Ends Solidly Higher On Short Covering, Bargain Hunting
Friday December 26, 2014 1:54 PM
(Kitco News) - Gold and silver posted good price gains and closed at technically bullish weekly high closes Friday. Short covering from the futures side and end-of-the-year bargain hunting in both cash and futures were featured in gold and silver. Thin, post-holiday trading conditions exacerbated the bigger daily price moves. Many traders and investors had checked out for the week, if not for the rest of the year. February Comex gold was last up $21.50 at $1,195.00 an ounce. Spot gold was last up $18.00 at $1,195.40. March Comex silver last traded up $0.415 at $16.125 an ounce.
Other markets were mostly quiet Friday, on the day after the Christmas holiday. There were no major, markets-moving news events that occurred over the Christmas holiday. There were also no major U.S. economic reports released Friday. London markets were closed for a holiday.
Technically, gold bears still possess the overall near-term technical advantage. The gold bulls’ next upside ear-term price breakout objective is to produce a close above solid technical resistance at $1,225.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at this week’s low of $1,170.70. First resistance is seen at $1,200.00 and then at $1,210.00. First support is seen at $1,190.00 and then at $1,185.00. Wyckoff’s Market Rating: 3.0
March silver futures bears have the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the December high of $17.355 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.50. First resistance is seen at today’s high of $16.305 and then at $16.50. Next support is seen at $16.00 and then at today’s low of $15.765.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff
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