Silver and Gold Prices per Ounce Cool as Investors Intepreted in Trend Movement

Silver prices and gold price per ounce continue to cool as investors continue the trend of movement and economic news should be interpreted. Yesterday the market indicators ended the session mixed. The end of the day close for the Dow Jones Industrials ended in the red by 0.08% and settled at 11,370. Remained green and the Nasdaq ended the day by 0.26% at 2,616.67.

The S & P 500 ended in the green and by 0.34% and closed the session at 1,233.00. The ten year Treasury note yield ended at 3.22% yesterday. The dollar got strength of the euro yesterday. Gold floor price per ounce yesterday ended the session at $ 1,392.80 an ounce for February delivery. Silver floor price contract for March delivery ended the session at $ 28.82 an ounce.

In previous months the dollar is trending lower and commodity prices are rising. Recently, however, the dollar gains strength because of volatility in the other world. The inverse relationship between the dollar and precious metals commodity values in play. In addition, investors put offside as they decipher the outcomes associated with increased rate opportunities in China. Interpreting all the variables at play which make it difficult at this time and investment volume is lower due. Investors will be open to hearing more details on the Obama / GOP tax deal as many are viewing this as a different type of stimulus injection. It must affect the dollar and precious metals commodity prices.

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Gold settled higher inflation concerns and weaker Treasury yields lured buyers back into the safe haven asset.

The news reinforced gold prices as investors tend to buy gold to hedge against inflation. Falling yields on Treasurys also encouraged investors back into the gold market. Gold continued long term to attract buyers, with open interest in June 2011 and December 2011 contracts gaining ground in recent days.

Gold opened the day at 20,511. A bounce after the solid employment data took us to an intraday high of 20,644. Dollar strength and a weaker market for treasury encouraged sales in the metal, takes us to a low of 20,502.

Gold finally settled the day at 20615.Now support for the gold MCX is seen at 20530 and below could see a test of 20,445.

Resistance is now likely to see at 20,672, a move above prices testing 20729.

Trading Ideas in 24 October 2010

Gold trading range is 20,445 to 20,729.
Yesterday gold settled higher on inflation concerns
Gold looks at support at 20,530 and resistance at 20,672 take.
Spdr gold business confidence fell by 1.52 tonnes to 1293.78 tonnes