Gold Extends Early Gains as Bulls Gain Momentum
New York (Dec3) Gold prices are trading at their daily high in late-morning dealings Wednesday. Short covering and bargain hunting are featured on the push higher. A modest rally in the crude oil market is also supportive to the gold bulls' cause. The gold bulls are having a good week and have gained some upside technical momentum. A move in February Comex futures prices above solid chart resistance at this week's high of $1,221 would likely set off buy-stop orders in the futures market to push prices still higher.
February gold was last up $14.00 an ounce at $1,213.00.