The following chart provides a update on the current 24h spot price of gold. Chart and commentary to follow ~
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Courtesy of MarketWire:
NEW YORK (MarketWatch) -- Gold futures rallied to trade above $800 an ounce early Tuesday, while platinum futures soared to a new record high on supply concerns.
Platinum for January delivery advanced as high as $1,524 an ounce, a new all-time record high, in regular trading on Tuesday. In electronic trading, platinum rose as high as $1,526.40.
Gold for February delivery rose $9.70, or 1%, to $809 an ounce on the New York Mercantile Exchange. Earlier, gold futures hit an intraday high of $811.
"This rally seems strong as gold has just spiked upwards and breeched $810,"; said Zachary Oxman, a senior trader at Wisdom Financial. "I'd regard any trading through the end of the year as strictly technical trading or position cleaning type trading."
"I'd be surprised to see a strong position taken one way or another before the New Year at this point," Oxman said in emailed comments. "Watch for choppy, low-volume trading, play the support-resistance trade and keep your stops tight."
On Monday, gold futures gained $1.30 to end at $799.30 an ounce.
Crude-oil futures rose sharply Tuesday, playing off news that troops crossed over from Turkey into northern Iraq and that strikes have been called at several refineries operated by French oil giant Total.
See Futures Movers.
"Stronger oil has helpedto underpin gold,"; said analysts at Action Economics. "As year-end approaches, traders warn of either high volatility or very quiet markets as trade volume decreases."
The dollar index, which tracks the performance of the greenback against a basket of other major currencies, edged down 0.03% to 77.380.
"Gold may trade in a range between $786 and $815 prior to a likely decisive break out to the upside early in the New Year,"; said Mark O'Byrne, director at Gold and Silver Investments Ltd, in a research note.
"Gold was strong over the Christmas period last year and may be again," O'Byrne said. "Last year it was strong at Christmas, sold off early in the New Year and then rallied from mid-January until early March."
