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Gold is bouncing back after finding support, on a closing basis yesterday, in the $1,750’s…as of 8:30 am Pacific, the yellow metal is up $18 an ounce at $1,776…Silver is 52 cents higher at $34.55…Copper has gained 7 cents to $3.46…Crude Oil has climbed $1.01 to 98.79 while the U.S. Dollar Index is off three-quarters of a point to 76.84…

Markets are cheering the news that the Italian Senate approved a new budget law today, clearing the way for final approval of the package in the lower house tomorrow and the formation of an emergency government to replace Prime Minister Silvio Berlusconi…the situation in the euro zone remains extremely serious and complex, however, with no “quick-fix” which will keep markets volatile for weeks or months to come…

There was encouraging news on the U.S. economic front this morning…consumer sentiment rose to its highest level in five months in early November as Americans felt better about the economic outlook, a survey released this morning showed…the Thomson Reuters/University of Michigan’s preliminary reading on the overall index on consumer sentiment rose to 64.2 from 60.9 the month before, topping the median forecast of 61.5 among economists polled by Reuters…the survey’s gauge of consumer expectations climbed to 56.2 from 51.8…while respondents were no more positive about the current state of the economy, they were less likely to expect it to worsen in the year ahead, the survey said…the survey’s barometer of current economic conditions nudged up to 76.6 from 75.1…all three main indexes were at their highest level since June…

The CDNX, continuing to trade in a band of resistance between 1600 and 1700, is up 18 points at 1643, bouncing back from yesterday’s intra-day low of 1614…the Venture is underpinned by strong technical support between 1575 and 1600 which needs to hold…volume must also increase significantly for a move through the top of the resistance band (1700) as John has outlined…

We apologize for the abbreviated Morning Musings recently but regular postings will resume Monday following tomorrow’s Week In Review And A Look Ahead…there will be no postings Sunday…