Gold Pushes Above $1,200 in After-Hours Trading as U.S. Stock Market Melts Down

By Jim Wyckoff
06 May 2010, 3:04 p.m.

Gold futures got another boost of buying power after the official close of Comex trading Thursday, pushing to a fresh five-month high of $1,209.20 an ounce, basis June futures. Bulls got another technical boost as gold prices shot past what was psychological resistance at $1,200.00 an ounce. A plunge in the U.S. stock market as traders watched on television rioting in the streets of Atens prompted the heavy buying interest in gold, on a safe-haven move amid the keen uncertainty in the markets at present. Gold prices are now within striking distance of the all-time high of $1,227.50, basis nearby Comex gold futures.

By Jim Wyckoff, contributing to Kitco News; jim@jimwyckoff.com