METALS: December gold futures closed up $4.90 an ounce at $1,164.70 today. Prices closed near the session high and saw short covering and bargain hunting. The weaker U.S. dollar index today was a bullish factor for gold. The gold bears still have the firm near-term technical advantage. First resistance is at 1170. Second resistance is at 1185. First support is at 1150. Second support is at 1135.
December silver futures closed up $0.054 at $15.725 today. Prices closed near the session high on tepid short covering. The silver bears still have the solid overall near-term technical advantage. Prices are in a four-month- old downtrend on the daily bar chart. First resistance is at 15.90 second resistance is at 16.10. First support is at 15.55. Second support is at 15.40.
Bullion Market Report