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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; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

 

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