Gold Jumps to Record Above $1,100 Print
Friday, 06 November 2009 18:06
Gold futures jumped to a record, topping $1,100 an ounce, on mounting speculation that low U.S. borrowing costs will drive the dollar lower, boosting the appeal of the precious metal as an alternative investment. Gold futures for December delivery rose $4.30, or 0.4 percent, to $1,093.60 at 11:29 a.m. on the Comex division of the New York Mercantile Exchange, climbing for the fifth straight day. Before today, the price gained 23 percent this year. The future is trading in the upper part of the uptrend channel and we might see some sell from this level. An important support to test and where we could place a buy order is around area $1,050.

Gold Chart - Click on the image to zoom in

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