SILVER NOW BUY THE SUPPORT LINE IS 33.17 to 33.52
BOLLINGER BAND:CROSS THE LOWER BAND
RSI:-0.1368
MOVING AVERAGE (M.V): CROSS THE 50 MOVING AVERAGE
Gold futures traded up Wednesday, as comments by Federal Reserve Chairman Ben Bernanke on the U.S. fiscal cliff and hopes for a ceasefire between Gaza and Israel lifted metals higher on the session.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,729.35 a troy ounce during U.S. afternoon trade, climbing 0.33%.
Gold prices were likely to find support at USD1,704.55 a troy ounce, the low from November 15 and near-term resistance at USD1,737.95, the high from November 12.
Federal Reserve Chairman Ben Bernanke said Tuesday the central bank does not have the tools to offset damage caused by the looming fiscal cliff, approximately USD600 billion in tax hikes and spending cuts due to come into effect on January 1, which could threaten U.S. and global growth.
Market sentiment also remained weak as investors eyed ceasefire negotiations between Israel and Hamas.
Meanwhile, talks between euro zone finance ministers and the International Monetary Fund concluded on Tuesday without reaching a deal on unlocking Greece’s bailout package, amid disagreements on how best to reduce the country’s debt to sustainable levels.
The head of the eurogroup of finance ministers Jean-Claude Juncker said a deal was close he didn’t know when Athens would receive its next aid installment. The talks are set to continue next Monday.
Elsewhere on the Comex, silver for December delivery soared 1.24% to trade at USD33.34 a troy ounce, while copper for December delivery was down 0.39% to trade at USD3.503 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,729.35 a troy ounce during U.S. afternoon trade, climbing 0.33%.
Gold prices were likely to find support at USD1,704.55 a troy ounce, the low from November 15 and near-term resistance at USD1,737.95, the high from November 12.
Federal Reserve Chairman Ben Bernanke said Tuesday the central bank does not have the tools to offset damage caused by the looming fiscal cliff, approximately USD600 billion in tax hikes and spending cuts due to come into effect on January 1, which could threaten U.S. and global growth.
Market sentiment also remained weak as investors eyed ceasefire negotiations between Israel and Hamas.
Meanwhile, talks between euro zone finance ministers and the International Monetary Fund concluded on Tuesday without reaching a deal on unlocking Greece’s bailout package, amid disagreements on how best to reduce the country’s debt to sustainable levels.
The head of the eurogroup of finance ministers Jean-Claude Juncker said a deal was close he didn’t know when Athens would receive its next aid installment. The talks are set to continue next Monday.
Elsewhere on the Comex, silver for December delivery soared 1.24% to trade at USD33.34 a troy ounce, while copper for December delivery was down 0.39% to trade at USD3.503 a pound.
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