Gold jumps on broad slip of confidence

Gold and silver are expected to have a stronger bias in US trade today after the Fed's announcement yesterday saw gold higher in both Asia and Europe
Author: Julian D. W. Phillips
Posted: Thursday , 26 Jan 2012

BENONI -

When the Fed threw a bucket of cold water on the blithe attitude of the last week [see below] the gold price took off like a shot from a gun and hit $1,710 by New York's close. Asia and London kept the price the same and the euro rose only slightly to 1€: $1.3110 ahead of the gold Fix. At the Fix gold was set higher at $1,713.00 and in the euro at €1,300.585. The euro stood at €1: $1.3171. Ahead of New York's opening the gold price went higher to $1,720.00 $65 higher with the euro at €1: $1.3163, 2 cents higher, leaving the euro price of gold at €1,306.69 up €31.

Silver was sent soaring by the gold price to shoot through resistance to open in London at $33.11. Ahead of New York's opening silver stood at $33.48 nearly $2 higher.

Gold (very short-term)

Again, the gold price should have a stronger bias in New York today.

Silver (very short-term)

Again, the silver price should have a stronger bias in New York today.