GLD: Gold Ends in Technical Buying With Bullish Outside Markets

P.M. Kitco Metals, in its daily roundup, indicates that gold has ended up in a technical buying as a result of bullish outside markets. This is as a result of higher crude oil prices that provided support to gold and other precious metals.

Many traders are now focusing on the quarterly reports on corporate earnings since many companies had little effect on the prices of gold.

Overnight, the German economic index was stronger than expected due to the support it enjoyed from the Eurocurrency and the European stock markets. And the recent easing of the BOJ monetary policy is the principal underlying factor for the bullish trend of precious metal markets.

On Tuesday, the index of the US Dollar was generally low and greenback bears had the overall near-term advantage which was a superb supporting factor towards the bullish trend of precious metals. Crude oil bulls have also had an upside near-term momentum; a strong underlying factor for the bullish trend of the precious metals.

The gold future prices for February actually closed very near to the session on Tuesday and the gold bears and bulls are technically back on a near-term technical ground. However, bulls are now gaining an upside near-term technical momentum with prices from last week indicating that the bull's breakout objective was to close above the psychological resistance valued at $1,700.00. On the other hand, the near-side downside breakout price of gold's objective was to close the prices below the established solid technical of $1,650.00

The GLD Price was last trading at $163.67, while SLV Price was trading at $31.12 as per below charts from stockcharts

Click here for more information about P.M. Kitco Metals

Chart from StockCharts