Comex Gold Hits All-Time Record High in After-Hours Trade Thursday
04 November 2010, 5:18 p.m.
By Jim Wyckoff
Comex Gold Hits All-Time Record High in After-Hours Trade Thursday
December Comex gold futures closed the day session sharply higher Thursday, near the session high and closed at a record high close. Then in after-hours trading late Thursday afternoon December gold futures pushed still higher and hit a fresh all-time record high of $1,393.40 an ounce, as of this writing.
Gold soared Thursday as the U.S. dollar sunk in the wake of the quantitative easing announcement from the Federal Reserve on Wednesday afternoon. The wording of the announcement and the amount of the package--at least $600 billion--was even more bearish for the dollar than anticipated, and that, in turn, was fully gold market bullish, as it suggested heightened inflationary pressures on the horizon.
Gold bulls have the solid overall near-term and longer-term technical advantage, and gained more upside power Thursday. A 13-week-old uptrend on the daily bar chart has been re-established this week. Bulls' next near-term upside technical objective is to produce a close in December futures above psychological technical resistance at $1,400.00, which is now within easy striking distance.
By Jim Wyckoff of Kitco News
Of Kitco News
http://www.kitco.com/
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