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Gold sharply up, posts big price reversal, amid safe-haven demand, technical buying

Kitco Media
By Jim Wyckoff
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Updated
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(Kitco News) - The gold market erased solid early-morning losses Friday and at midday were trading sharply higher. A big sell off in the U.S. stock market after the hottest U.S. consumer price index reading in over 40 years spooked stock market bulls and prompted safe-haven demand for the precious metal. Gold prices hit a three-week low early on today and then reversed course and powered to a four-week high, to produce a technically bullish “outside day” up on the daily chart and also produced a technically bullish weekly high close. Now, the table is set for some follow-through technical buying in gold early next week, as bulls have regained momentum. August gold last up $23.80 at $1,876.70.

Live 24 hours gold chart [Kitco Inc.]

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Jim Wyckoff

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.

Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected "Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

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