Gold Extends Gains, Powers To 3-Month High On Safe-Haven, Technical Buying

(Kitco News) – Gold prices are trading sharply higher and have hit nearly three-month highs in late-morning action Thursday. Safe-haven buying interest amid very shaky world stock markets is featured today. Also, chart-based buying interest has kicked in after buy stop orders were triggered in the gold futures market when prices pushed above key technical resistance levels. Now, the door is opened to push in prices to $1,250.00, or above, in the coming few weeks, including a price uptrend likely to be sustainable at least into the end of the year. December gold futures were last up $29.20 at $1,222.80.

By Jim Wyckoff
For Kitco News


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