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Gold Up on Short Covering, Friendly Outside Markets in a Quiet, Pre-Holiday SessionBy Jim Wyckoff of Kitco News
Thursday December 24, 2015 12:32

(Kitco News) -Gold prices ended the U.S. day session and a holiday-shortened trading week modestly higher Thursday. Some short covering in the futures market and perceived bargain-basement buying in the cash market heading into a long weekend gave gold its lift. The key “outside markets” were also in a bullish posture for the precious metals on this day. The U.S. dollar index was lower and crude oil prices were firmer. February Comex gold was last up $7.90 at $1,076.20 an ounce. March Comex silver was last up $0.103 at $14.39 an ounce.

There were no major international news developments Thursday and the marketplace worldwide was very subdued ahead of the Christmas holiday on Friday. Many U.S. markets closed early today. 

Technically, gold bears still have the solid overall near-term technical advantage. However, if the gold bulls can produce a good rally soon, then the specter arises for a bullish “double-bottom” reversal pattern forming on the daily bar chart. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the December high of $1,088.30. Bears' next near-term downside price breakout objective is closing prices below solid technical support at the contract low of $1,045.40. First resistance is seen at this week’s high of $1,081.40 and then at $1,088.30. First support is seen at the overnight low of $1,069.50 and then at this week’s low of $1,063.10. Wyckoff’s Market Rating: 2.5 

Silver bears have the firm overall near-term technical advantage. However, the recent choppy trading at lower price levels begins to hint of a near-term low. But the bulls need to show more power soon to better suggest such. Bulls’ next upside price breakout objective is closing December futures prices above solid technical resistance at the December high of $14.64 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the contract low of $13.62. First resistance is at $14.50 and then at $14.64. Next support is seen at this week’s low of $14.045 and then at $14.00.

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