By: Jim Wyckoff
Comex gold futures prices rallied sharply and hit a nine-week high in late-Morning trading Friday. Gold and silver prices were boosted as the U.S. dollar index dropped to its session low following a U.S. housing report that came in below expectations. At the same time Euro zone consumer confidence numbers came in at a two-year high, which in turn boosted the Euro currency.
Technical buying is also featured Friday morning as gold prices are in a seven-week-old uptrend on the daily bar chart. Gold prices are also poised to close at a technically bullish weekly high close on Friday. December gold last traded up $19.00 an ounce at $1,390.00.