Gold, Silver Gain, At Daily Highs, On Technical Buying, Weaker USDX

(Kitco News) – Gold and silver prices are posting good gains and are near daily highs in late-morning trading Wednesday. Some chart-based buying has occurred, including buy stop orders being triggered in the futures markets, when both metals pushed to new weekly highs. Also, a weaker U.S. dollar index on this day is a bullish “outside market” factor working in favor of the metals market bulls. A rebound in the crude oil market today is further supporting buying interest in the metals. December gold was last up $9.20 at $1,230.30 and December silver gained $0.261 at $14.53.

By Jim Wyckoff
For Kitco News


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