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Gold powers to 6-week high as charts turn friendlier

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Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold futures prices are sharply higher, near daily highs and have hit a six-week high in late-morning trading Thursday. Prices have seen a technically bullish upside "breakout" from the congestion area seen on the daily bar chart. Buy stop orders were triggered when June futures pushed above what was stiff technical resistance at the April high at $1,759.40. A weaker U.S. dollar index and a rally in crude oil futures this week are helping to propel the gold and silver markets. Silver hit a three-week high this morning. June gold futures were last up $29.70 at $1,766.20.

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