In the early going today the charts favor the bull camp with December gold showing respect for support at the 200-day moving average of $1981.50. The market is also supported fundamentally by a downside extension in the dollar and evidence of significant expansion in Swiss gold exports.

In our opinion, the gold and silver are primarily focused on action in the dollar. With the dollar (and many non-dollar currencies) sitting on 200-day moving averages, several trend signals could be in the offing.

Part of the bullishness from the 53% jump in Swiss gold exports last month was factored in following news last week that Indian gold imports had jumped sharply...[MORE]

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