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Gold With Solid Gains, Short Covering, Bargain Hunting

February 25, 2013 - Gold futures are holding onto the gains made in early trade on Monday as short covering and bargain hunting are evident in both the gold and silver market futures at the start of the week. Last week, both markets hit multi-month lows. A lower U.S. dollar index is supporting precious metals on Monday with U.S. gold futures for April delivery up $18.00 to $1,591.00 per troy ounce. The spot price of gold gained $9.20 to $1,591.25 per troy ounce. U.S. silver futures for May delivery gained $0.585 to $29.105 per troy ounce.

The International Monetary Fund has reported that the central banks of Russia, Kazakhstan, Turkey, and Azerbaijan have added to their official gold stockpiles in January. The news is modestly supportive of the spot price of gold and adds to building fundamentals in a long-term bull market.

Chairman of the Federal Reserve Ben Bernanke will give testimony on the U.S. economy to Congress on Tuesday and Wednesday. Traders and investors will be looking for new clues on the direction of U.S. monetary policy in the coming weeks and months.

The U.S. dollar index trades slightly lower early on Monday after hitting a six-month high in overnight trading. A lower U.S. dollar is beneficial to the gold market because it makes the price of gold more affordable for holders of foreign currency.

April gold futures are in the middle of a corrective bounce following recent lower prices. The next upside near-term breakout objective is to produce a close above the solid technical resistance at last week’s high of $1,618.80 per troy ounce. There is resistance at the overnight high of $1,594.00 and $1,600.00. There is support at the overnight low of $1,574.70 and Friday’s low of $1,569.30 per troy ounce.

May silver futures prices are in the middle of a corrective bounce on Monday after near-term technical damage on the daily chart. The next price breakout objective is a closing price above the solid technical resistance at $30.00 per troy ounce. There is solid technical support at $28.00 per troy ounce.

Chairman Ben Bernanke’s testimony to Congress will be the single most important market influence this week.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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