Keagan York | Jan 31, 2013 05:36AM ET
performed well overnight despite U.S. equity markets falling from five year highs. Gold traded an overnight range of $1,663 to $1,684. In other precious metals, silver may be looking to challenge the status of its more high profile counterpart as sales of silver coins by the U.S Mint surged to an all time record high. So far in January, during which sales of silver coins were temporarily halted because of lack of supply, 7.42 million ounces have been sold. The short term long gold positions we entered into earlier in the week have closed out overnight in profit. We maintain a neutral outlook for gold in the short term and will continue to seek intraday and shorter term range trading opportunities between $1,625 and $1,700. Outside of these ranges we expected the triggering of significant stop losses to increase momentum away from this established range. Today, look for a $1,670 to $1,685 range.
Compass Direction
Short-Term Medium-Term
NEUTRAL BULLISH
Compass Direction
Short-Term Medium-Term
NEUTRAL BEARISH
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