Yesterday’s $22 gain was significant for a multitude of reasons. First, it was the most significant single-day gain since October 11, when gold traded from just under $1,200 ($1,198) and closed a respectable $30 higher, finally settling at approximately $1,227.80 per ounce. The significance of that gain was that gold pricing finally broke above multiple key levels of resistance.

Both gold and silver had a stellar performance today, moving sharply to higher pricing as the net result of both dollar weakness and market participants bidding up these precious metals. As of 3:15 PM Eastern standard time, gold futures are trading up $21.40 (+1.76%), and silver is up 3.38% (+ $ 0.473).

Market sentiment continues to oscillate in regard to U.S. equities as traders continue to witness large price swings in both directions. Gone are the days when a 100- or 200-point gain or decline in the Dow Jones Industrial Average would be considered a sizable move.

An extremely robust U.S. equities markets along with dollar strength put slight pressure on gold pricing today. The roller coaster ride that defines the U.S. equities market continues to oscillate strongly with significant gains today immediately following yesterday’s dynamic selloff.

It was another wild roller coaster ride today with U.S. equities going through tremendous price swings and closing dramatically lower on the day. Officially, today’s closing price in the Dow puts that index into corrective territory.

Gold futures finished the day with moderate gains, as the most active December Comex contract closed $3.80 higher at $1,236.20. Although gold prices finished higher on the week, after gaining approximately $ 6.00, price advances were limited once again by dollar strength.

Gold futures are trading marginally higher on the day, with the most active December Comex contract currently fixed at $1,234.50 after adding today’s gain of $3.40. These gains are occurring in tandem with a higher dollar. The U.S. dollar index is currently up by 2/10% and fixed at 93.37 after the addition of today’s 19-point gain.

Although global stock markets had moderate gains today, U.S. equities were once again under dynamic pressure which resulted in a 600+ decline in the Dow Jones Industrial Average. The Dow lost 608 points (-2.41%) in trading and is currently fixed at 24,583.42.

For the first time since April 26, gold has closed above its 100-day moving average. Although gold closed well off of the intraday high, it did manage to close above the 100-day moving average for the first time in six months.

The most prominent characteristic of gold pricing has been its narrow and tightly defined trading range. On October 11, gold gained over $30 in trading, breaking above key levels of resistance. These resistance levels began at $1,200, a key psychological level, the 50-day moving average which was at $1,204, and finally the 0.618% retracement level at $1,217.60.