|A.M. Kitco Metals Roundup: Gold Hits Fresh 3-Month High on Bullish Technical Momentum
By Jim Wyckoff
Comex gold futures are trading higher early Friday and hit a fresh three-month high in overnight trading. Gold market bulls have gained good upside near-term technical momentum this week, which is carrying prices higher. A weaker U.S. dollar index and higher crude oil prices are also lending buying support to the precious metals Friday morning. June Comex gold was last quoted up $5.00 an ounce at $1,157.90.
Spot gold trading in London Friday also saw firmer gold prices on the firmer Euro currency and bullish outlooks for the precious yellow metal. Also bullish for gold are the ongoing concerns regarding Greece's ability to service its debt. The physical gold market continues to see good underlying investment buying. This week has seen increases in exchange traded fund (ETF) buying of gold.
The London A.M. gold fix was $1,156.00 versus the previous P.M. fixing of $1,148.00.
Technically, June Comex gold futures bulls have good upside near-term technical momentum. Prices hit a fresh three-month high overnight and are presently in a two-month-old uptrend on the daily bar chart. Prices Friday are also poised to produce a bullish weekly high close. For June gold, shorter-term technical resistance is seen at the January high of $1,164.10, and then at $1,175.00. Buy stops likely reside just above those levels. Sell stops likely reside just below shorter-term support at $1,150.00 and then at Thursday's low of $1,144.40. Today's key near-term Fibonacci pivot level for June gold: $1,159.00.
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By Jim Wyckoff, contributing to Kitco News; firstname.lastname@example.org