Comex Gold Hits 4-Week High on Bullish Technical Momentum; Physical Buying

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Comex Gold Hits 4-Week High on Bullish Technical Momentum; Physical Buying
By Jim Wyckoff
7 April 2010, 9:42 a.m.
June Comex gold futures surged to a fresh four-week high Wednesday morning, and are challenging strong technical resistance at the March high of $1,146.60. June gold was last traded up $7.30 at $1,143.30 an ounce. Prices are in a two-week-old uptrend on the daily bar chart and the gold market bulls have recently gained fresh upside near-term technical momentum. A close above the March high of $1,146.60 in June gold futures would provide the bulls with better technical strength to suggest still more upside price action in the near term. Good physical investment demand for gold continues to underpin the market.

By Jim Wyckoff, contributing to Kitco News; [email protected]
 
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