Senior broker Kurt Pfafflin with Daniels Trading said debt troubles with Greece "drag on and on and on" even though officials and authorities conduct mass amounts of meetings for the sake of the betterment of the fiscal mess in the two-time recipient of international bailout aid. Wednesday's losses to gold were linked with optimism for U.S. leaders' capacities to solve the fiscal cliff debacle.
"The U.S. economy has been recovering and the market is optimistic on resolution of the fiscal cliff," states a Wednesday note penned by analyst Janet Kong with China International Capital Corp., which is the largest investment bank in China, according to Bloomberg.
At 1:29 p.m. on Wednesday, gold futures climbed 0.12 percent, a $2.12 increase to $1,660.01 per troy ounce.
Reuters reports trade of the yellowish metal was slow during the time period between Christmas and the new year.
The record price for bullion is $1,923.70 per troy ounce as established on September 7, 2011.
Learn Futures Technical Analysis with The Market's Spine
Give Your Trading the Backbone it Needs to Succeed, The Market’s Spine is a 34-page futures technical analysis guide that details how to read the backbone of recent market activity, explains a handful of indicators that are well known to institutional and fund traders, and more. Expand your futures technical analysis knowledge here.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.