(Kitco News) - 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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By Jim Wyckoff
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