METALS: December gold futures closed up $24.90 at $1,272.00 today. Prices closed near the session high today and soared to a fresh contract and all-time record high. A sharply lower U.S. dollar and some fresh safe- haven investment demand boosted gold higher today. A dour economic report coming out of Germany today spooked the markets in Europe, and that added to buying interest in gold. Now, look for price volatility in the gold market to heat up in the near term, with bigger daily price movements likely, both on the upside and on the downside. Gold bulls still have the strong overall near-term and longer-term technical advantage. December silver futures closed up 30.9 cents at $20.46 an ounce today. Prices closed nearer the session high again today and scored another fresh 26-month high. The weaker U.S. dollar today, along with new highs in gold, prompted fresh speculative buying interest in the silver market. Silver bulls still have the solid near-term technical advantage. There are still no early technical clues to suggest a market top is close at hand.
December N.Y. copper closed down 120 points at 346.70 cents today. Prices closed near mid-range today and were pressured by some weak economic data coming out of Europe. The U.S. dollar index was sharply lower today, which did limit the downside in copper. The copper bulls still have the overall near-term technical advantage.
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