Make Kitco Your Homepage

Gold Pushes Above Key $1,300 Level, Hits 7-Mo. High, Triggering More Buying Interest

Kitco News

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - In electronic trading, Gold prices are sharply higher, have pushed above psychological resistance at $1,300 and hit a seven-month high following the North American equity market closeFriday.

Technical buying has kicked in with today's big rally, including buy stop orders being triggered in the futures market. The rally in gold was precipitated in part by a drop in the U.S. dollar index index that has seen its losses intensify as the day progresses.

Gold is headed for a technically bullish weekly high close Friday, which would likely produce follow-through buying interest come Monday morning. February gold futures was last up $22.60 an ounce at $1,302.30.

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 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.