Financial Digest

Gold rallies on short covering, perceived value buying

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Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments

- Gold prices are posting decent gains and silver prices are slightly up in midday U.S. trading Monday. Short covering by the futures traders is featured in gold, along with some perceived bargain hunting. The silver market is seeing some technical buying amid friendly near-term charts. December gold was last down up $13.30 at $1,953.30 and December silver was up $0.137 at $24.72.

Asian and European stock markets were mostly higher in overnight trading. U.S. stock indexes are modestly higher at midday. News that China cut a key tax rate and pledged to shore up its capital markets boosted trader and investor attitudes in Asia. The U.S. economic data pace picks up rapidly on Tuesday and it’s a big data week, including the employment situation report on Friday.

 

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