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