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Gold is showing some underlying strength in early trading today, up $5.00 at $1338.50. Silver remains a bit lackluster trading sideways again today as it did yesterday. Gold firmed up earlier this morning after a brief dip to the $1330 level that reversed at the New York open. Some might be having second thoughts about yesterday’s shutdown feint now rescheduled for February.


TD Commodities Weekly frames the present situation nicely: “[F]or now, gold and its precious metal peers may be consolidating and waiting for better days.


But any economic weakness or an equity correction could well see gold move to $1,357/oz rather quickly. We suspect that such a catalyst will arrive, but it may take until next quarter.” Or, we might add, it could arrive tomorrow.


Similarly disposed, MarketWatch quotes Ole Hansen, head of commodity strategy at Saxo Bank, offering this hopeful outlook: “Following the strong rally, a correction and subsequent rejection to the downside is probably what the market now needs to create the foundation required to push the price higher to and potentially beyond key resistance at $1,375/ounce.”