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UPDATE: Gold Surges to 9-Week High on Technical Buying and as U.S. Dollar Index Sinks, Euro Rallies

Friday August 23, 2013 10:27 AM

(Kitco News) - Comex gold futures prices rallied sharply and hit a nine-week high in late-Morning trading Friday. Gold and silver prices were boosted as the U.S.
dollar index dropped to its session low following a U.S. housing report that came in below expectations. At the same time Euro zone consumer confidence numbers came in at a two-year high, which in turn boosted the Euro currency.

Technical buying is also featured Friday morning as gold prices are in a seven-week-old uptrend on the daily bar chart. Gold prices are also poised to close at a technically bullish weekly high close on Friday. December gold last traded up $19.00 an ounce at $1,390.00.

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By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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