Gold powers to 6-week high as charts turn friendlier
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
(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.
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.