Open interest moves to February and First Notice doom approaches on Thursday for December gold.The big news event for Monday was actually took place on Friday, when the New York markets were closed for the Thanksgiving holiday.The dollar slid hard Friday and enabled Dec gold prices to forge a solid close above $630.Due to the holiday the market opened higher today with a gap in the charts but remained fairly quiet after the open.
Energy prices supported the move higher, with crude up over a dollar.Bears are unable to press the market too much lower at this time with many uncertainties ahead, such as another OPEC production cut, approaching winter, and supply problems in Nigeria.The products, gasoline and heating oil, appear to be in the process of forming a bottom on the charts, which could drag crude prices higher.Odds are we’ll see $68 crude before $50.A rally into winter wouldn’t be surprising at this time.
Holding back the yellow metal was a nasty drop in the equities this morning.Black Friday began the holiday shopping season with less than expected sales figures.While still robust, disappointed bulls pulled profits and the market sank.Economic growth has been a supportive factor with gold, thus limited a push higher today.Fortunately, gold bulls aren’t relying on a single theme at this time, as quiet buying buoys the market.
$654 is the next upside objective, though the longer term objectives lay between $670 and $700.
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