Exclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
As of 4:00 PM EDT, gold futures basis the most active December contract is up $5.80 and fixed at $1992. Gold futures did trade to $1998.60, just $1.40 under the key psychological of $2000 per ounce. On Friday, October 20 gold futures traded to an intraday high of approximately $2008. However, the move was unsustainable with gold closing at $1994.40. Today's high is the closest gold has traded to that elusive benchmark since.
Gold pricing is still being supported by the geopolitical crisis and war in Israel. The ongoing conflict continues to drive investment dollars into safe-haven assets. Possibly one explanation for both gold and the dollar moving higher today.
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