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Gold Pushes to 3-Month High on Weak Greenback, Bullish Technical Momentum

(Kitco News) - Gold prices are moderately higher and hit a fresh three-month high in late-morning trading Thursday. The very weak U.S. dollar index that hit a four-month low Thursday is an underlying bullish factor for gold and the precious metals markets. The gold market bulls have also gained upside technical momentum this week by producing an upside "breakout" from the recent trading range on the daily chart. Buy stop orders were also triggered when June gold futures pushed above key technical resistance levels on the daily chart. June gold was last up $7.70 an ounce at $1,226.10.

By Jim Wyckoff, contributing to Kitco News;
Follow me on Twitter @jimwyckoff


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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