Overseas trading in spot gold and in foreign futures markets was also mostly quiet today. The Australian dollar has weakened in the last few sessions, helping to squelch potential gold rallies. Also, the USD bounced from its recent slide and this keeping a bit of pressure on gold. Before gold bulls can breathe well the USD needs to break support. A weaker dollar would infer an increase in gold demand because gold is denominated in dollars, and generally speaking a weaker dollar makes gold a better buy for holders of other currencies.
Gold is above moving averages and technical indicators are mostly neutral to bullish.
Look for downtrend resistance near 270 to be a blockade for a further advance, with support at 261. Keep in mind that there is risk of loss in all trading. It was mostly a quiet session today with silver closing at 448.8, up 1.2 cents. There isn't any fresh news to report, the market is meandering on the heels of gold. The market has been congesting and making fake break outs to both sides, but is now making a stab at resistance near 450.