Campbell Resources Inc (CBLRF)

[NYBob]

CCH - Gold Up $10/oz, Gains 1% for Week --
March 24 (DowJones) --

Gold futures posted a sharp gain Friday due to by fund
buying encouraged by several factors - a "catch-up"
to recent silver gains, reduced rate-hike expectations
after a weak U.S. housing report, the strong tone
lately in crude oil, plus chart-based factors, traders
and analysts said.

COMEX April Gold futures settled up $9.70 to $560.50.
Tim Evans, analyst with IFR Pegaus, said the move
"represents a weekly reversal to the upside.

By taking out last Friday's high of $558.60 now puts
us to the highest price level that we've seen
since March 6.

We could be headed for the March 3 high of $572.50
as the next significant resistance level."

Beyond this, resistance for April Gold could be
expected at the $579.50 contract high from Feb. 2.

"If we can manage a robust breakout beyond there,
then the drumbeat for $600 is going to get a lot
louder again," said Evans.

Recent strength in crude oil is another background
factor helping gold, said Evans.

May crude gained $2.14 Thursday and as of Friday's
gold close was up another 37 cents to $64.28 a
barrel.

Some traders suggested that the 10.5% fall in U.S.
new-home sales in February, to an annual rate of
1.08 million, helped gold by scaling back
interest-rate hike expectations.

The new-home sales decline was the sharpest decline
in nearly nine years.

"The news today indicates the Fed may stop
(hiking interest rates) sooner than the market
thought," said Leonard Kaplan, president of
Prospector Asset Management.

"The bonds are up sharply and perhaps that thought
is trailing over into gold."

Federal Open Market Committee members are
scheduled to meet Monday and Tuesday...

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