• Gold prices ended the U.S. day session with good gains Monday, with Comex futures closing at a four-week high close. A weaker U.S. dollar index on this day helped out the precious metals markets bulls. Also, reports said investor monies are again starting to flow into gold exchange traded funds (ETFs) as the year 2017 is just under way. February Comex gold was last up $10.30 an ounce at $1,183.70. March Comex silver was last up $0.171 at $16.69 an ounce.
• The near-term technical postures for both gold and silver markets have improved markedly recently, to suggest those markets have put in at least near-term lows, if not major bottoms.
• Spot gold had edged up 0.1 percent to $1,181.81 an ounce by 0054 GMT. It touched $1,185.80 on Monday, its highest since Dec. 5.
• Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1.06 percent to 805.00 tonnes on Monday.
• Technically, February gold futures prices closed nearer the session high and closed at a five-week high close today. The gold bears still have the overall near-term technical advantage. However, prices are in a three-week-old uptrend and there are now chart clues that a market bottom is in place. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,200.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,150.00. First resistance is seen at last week’s high of $1,185.90 and then at $1,190.00. First support is seen at today’s low of $1,172.20 and then at $1,163.30. Wyckoff's Market Rating: 3.5
Reference: Reuters, Kitco
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