Thursday, November 19, 2009

Gold Touches Fresh Dollar High as Inflation Rises, Housing Stalls

December gold futures closed up $4.60 at $1,144.00 yesterday. Prices hit another fresh contract and all-time record high yesterday, amid a weaker U.S. dollar. Prices closed near mid-range. Gold bulls have the solid overall near-term technical advantage. There are no early clues of a market top being close at hand for gold. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $1,200.00. Bears' next downside price objective is closing prices below solid technical support at $1,100.00. First resistance is seen at yesterday's all-time high of $1,153.40 and then at $1,160.00. Support is seen at yesterday's low of $1,136.00 and then at $1,130.00.

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