A.M. Kitco Metals Roundup: Gold Hits Fresh 4-Month High as U.S. Dollar Fades

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By Jim Wyckoff
12 April 2010, 8:35 a.m.
Comex gold futures hit a fresh four-month high overnight as the U.S. dollar index weakened and the Euro currency rallied on weekend news the European Union moved one step closer to providing financial aid to debt-strapped Greece. The weekend news on Greece gave investors some more risk appetite, which is an underlying bullish factor for gold. Gold prices did back down from the overnight high as crude oil futures prices came under modest selling pressure. June Comex gold was last quoted up $1.80 an ounce at $1,163.70.
Spot gold trading in London Monday also saw firmer gold prices on the higher Euro currency and amid bullish forecasts for gold prices in the coming weeks.
However, in overnight news, Goldman Sachs did reduce its three-month gold forecast by 8%, to $1,155.00 a troy ounce. That's down from the late-March estimate of $1,260.00 an ounce. Goldman cut its 12-month forecast for gold prices by 5%, to $1,320.00 an ounce.

The London A.M. gold fix was $1,163.50 versus the previous P.M. fixing of $1,152.50.
Technically, June Comex gold futures bulls have good upside near-term technical momentum. Prices hit a fresh four-month high overnight and are presently in an accelerating two-month-old uptrend on the daily bar chart. Prices Friday also produced a technically bullish weekly high close. For June gold, shorter-term technical resistance is seen at the overnight high of $1,170.70, and then at $1,175.00. Buy stops likely reside just above those levels. Sell stops likely reside just below shorter-term support at $1,160.00 and then at $1,155.00. Solid chart support is located at $1,146.60. Today's key near-term Fibonacci pivot level for June gold: $1,160.00.
**(Note: I wrote a feature story a while back on the famous mathematician Fibonacci and the "golden spiral." It's a very interesting read. If you'd like to read the story, send me an email at [email protected] and I'll attach it and email it back to you. --Jim)

Comex silver futures are higher in early trading Monday. Prices hit a fresh three-month high overnight after producing a technically bullish weekly high close on Friday. The silver bulls have good upside near-term technical momentum. May silver last traded up 13.4 cents an ounce at $18.485. May silver finds shorter-term technical resistance at the overnight high of $18.605 and then at $18.75. Buy stops likely reside just above those levels. Shorter-term technical support for May silver is located at the overnight low of $18.435 and then at this week's low of $18.25. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for May silver futures is located at $17.65.
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By Jim Wyckoff, contributing to Kitco News; [email protected]
 
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