Gold Solidly Up, Pushes To 3-Week High, On Chart-Based Buying
(Kitco News) - Gold prices are posting solid gains, are near their session highs and scored a three-week high in late-morning dealings Wednesday. Silver prices are also seeing good advances. The gold market on Wednesday has seen a bullish upside "breakout" from a sideways trading range on the daily bar chart, which has prompted technically oriented traders to step in on the buy side. Buy stop orders were also triggered in the gold futures market on today's advance. The gold and silver market bulls have regained the slight near-term technical advantage. December gold was last up $11.40 at $1,287.50. December silver was up $0.29 at $17.23.