• Gold moved little after a report showing that orders for U.S. durable goods rose by 1.3% during November to $241.4 billion.
• Consensus expectations compiled by various news organizations called for durables to be up by somewhere around 2%.
• Heading into the Christmas holiday weekend, gold futures have pushed to a more than two-week high. February gold futures last traded at $1,278.20 an ounce, up 1.6% since last Friday. This is yellow metal’s second consecutive positive weekly close.
• The rally in gold is also helping to push silver prices up, with this metal also trading at a two-week high. March silver futures last traded at $16.44 an ounce, up more than 2% since last week.
• Looking ahead to next week, many analysts are bullish on gold as the U.S. dollar could continue to struggle heading into the new year. The U.S. dollar index is down almost 10% this year in what has been the worst year for the currency in more than a decade.
• “The U.S. dollar didn’t see much of a rally on the tax vote and I don’t think that bodes well for 2018,” said Bill Baruch, president of Blue Line Futures. “I think we will see the dollar push lower in the new year and that will be good for gold.”
• The key level to watch in gold is the 200-day moving average, which comes in at $1,277.70 an ounce. He added that if that is broken, investors could expect to see a push to $1,300 an ounce.
Reference: Kitco
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