|Comex Gold Hits New All-Time Record High as Buy Stops Triggered
05 April 2011, 11:14 a.m.
(Kitco News) -Comex gold futures prices on Tuesday scored a fresh all-time record high of $1,452.00 an ounce, basis June futures, as of this writing. June gold last traded up $16.20 an ounce at $1,449.30. Gold rallied modestly in the wake of a weaker-than-expected U.S. ISM non-manufacturing index report that did put downside price pressure on the U.S. dollar index. That initial push higher in prices triggered buy stops, which are pre-placed orders to buy when a certain price level is hit. The buy stops pushed prices quickly higher and to a new all-time high. Now, the gold market bulls have their sights set on major psychological resistance at $1,500.00 an ounce.
By Jim Wyckoff of Kitco News; email@example.com