- Gold and silver prices are higher in midday U.S. trading Monday, on safe-haven demand following the surprise Hamas attack on Israel over the weekend. This already dire situation is likely to get worse before it gets better, which likely means even stronger safe-haven flows into gold and silver for at least the near term. December gold was las up $21.20 at $1,866.20 and December silver was up $0.242 at $21.96.
The major Middle East conflict will likely in the coming months impact major economies, including affecting central bank policies. There is also speculation the Israel war with Hamas may even impact the U.S. Congress and the process of selecting a new Speaker of the House of Representatives. The U.S. government is closed for a federal holiday Monday, so the U.S. Treasury market is closed. However, most markets are open today, including the U.S. Treasury futures markets.
Technically, December gold futures prices gapped higher on the daily bar chart today, after posting a bullish “outside day” up last Friday. These are early clues that a market bottom is in place. However, the bears have the firm overall near-term technical advantage. A five-month-old price downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00.
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