A slumping U.S. dollar, some dour economic news out of Europe and ideas of further Fed easing in the U.S. prompted keen investor safe-haven buying interest in the gold market Tuesday.
This was combined with a very bullish technical posture in the gold market to send prices to fresh all-time record highs.
Bulls' next near-term upside technical objective in Gold is to produce a close above psychological resistance at $1,300.00.
Bears' next near-term downside price objective is closing prices below solid technical support at last week's low of $1,237.90.
First resistance is seen at Tuesday's record high of $1,276.50 in December gold, and then at $1,280.00. Support is seen at the June high of $1,270.60 and then at $1,264.70
First resistance in Silver is seen at Tuesday's high of $20.55 and then at $20.75. Next support is seen at $20.27 and then at $20.00
