Thursday, November 02, 2006 12:24:34 PM
Gold looks to extend gains, trades at two-month high
GOLD $623/Oz +$6.70/Oz
METALS STOCKS
Gold looks to extend gains, trades at two-month high
By Myra P. Saefong, MarketWatch
Last Update: 10:10 AM ET Nov 2, 2006
SAN FRANCISCO (MarketWatch) -- Gold futures climbed Thursday to their highest level in nearly two months, on the heels of a 2% gain in the previous session as weak U.S. economic data pushed the dollar lower against major currencies, spurring investment demand in gold.
Gold for December delivery was up $4 at $623.30 an ounce on the New York Mercantile Exchange after trading as high as $624.80, the contract's strongest intraday level since Sept. 7. Prices climbed $12.50, or 2.1%, on Wednesday.
Gold's close Wednesday "above the 100 & 200-day [moving average] and clearance of the $608-$612 chart congestion leaves the metal well placed for further gains with upside resistance pegged at $625 and potentially $645," said James Moore, an analyst at TheBullionDesk.com
GOLD $623/Oz +$6.70/Oz
METALS STOCKS
Gold looks to extend gains, trades at two-month high
By Myra P. Saefong, MarketWatch
Last Update: 10:10 AM ET Nov 2, 2006
SAN FRANCISCO (MarketWatch) -- Gold futures climbed Thursday to their highest level in nearly two months, on the heels of a 2% gain in the previous session as weak U.S. economic data pushed the dollar lower against major currencies, spurring investment demand in gold.
Gold for December delivery was up $4 at $623.30 an ounce on the New York Mercantile Exchange after trading as high as $624.80, the contract's strongest intraday level since Sept. 7. Prices climbed $12.50, or 2.1%, on Wednesday.
Gold's close Wednesday "above the 100 & 200-day [moving average] and clearance of the $608-$612 chart congestion leaves the metal well placed for further gains with upside resistance pegged at $625 and potentially $645," said James Moore, an analyst at TheBullionDesk.com
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