Jim Wyckoff: “UPDATE: Gold Surges to 9-Week High on Technical Buying and as U.S. Dollar Index Sinks, Euro Rallies” – Kitco

Posted on :Aug 23, 2013

By: Jim Wyckoff

Kitco

August 23,2013

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.

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