Comex Gold Pushes Higher After Weaker-Than-Expected GDP Report; Downtrend Line Negated
By Jim Wyckoff
Comex gold futures prices are trading modestly higher in mid-morning dealings Friday, following a slightly weaker-than-expected U.S. gross domestic product report that push some additional downside price pressure on the U.S. dollar index. Short covering and bargain-hunting buying interest are featured, following recent selling pressure. Importantly, the gold market bulls have gained some fresh upside near-term technical momentum by pushing prices above and at least temporarily negating a two-month-old downtrend line on the daily bar chart. (See my technical chart for gold on the Kitco website.) Gold prices are also now poised to produce a technically bullish weekly high close. June gold futures last traded up $5.80 an ounce at $1,666.30.