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.Follow me on Twitter to immediately get the very latest market developments. If you are not on board, then you are not getting key analysis and perspective as fast or as often as you could! Follow me on Twitter to get my very timely intra-day and after-hours briefs on precious metals price action. The precious markets will remain very active. If you want market analysis fast, and in after-hours trading, then follow my up-to-the-second precious metals market perspective on Twitter. It's free, too. My account is @jimwyckoff.
By Jim Wyckoff, contributing to Kitco News; email@example.com