gold sivler safehaven Gold, silver rally on safe-haven buying, bullish outside markets
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A Barron's headline today reads,"The greenback has gone ballistic." The generally strong U.S. dollar is putting serious pressure on the currencies of many smaller countries, which is very worrisome to those who endured currency crises of past decades. The main concern is a general marketplace contagion developing if secondary currencies dislocations and illiquidity spill over into extreme anxiety and lack of confidence in the global financial transactions system.
Technically, December gold prices hit a nearly 2.5-year low early on today. Prices also scored a bullish"outside day" up today. The gold futures bears still have the solid overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,600.
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