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GOLD UPDATE: Gold Extends Gains As Buy Stops Hit, Triggering More Technical Buying
Monday August 12, 2013 9:35 AM
(Kitco News) - Gold and silver market bulls are strong out of the gate to start the new trading week Monday. In mid-morning U.S. dealings both markets have extended their gains. December Comex gold saw buy stops triggered as prices moved above near-term technical resistance levels, to trigger more technical buying interest. If December gold prices can push above solid chart resistance at the $1,350.00 level, more buy stops would be triggered that could sharply extend the present price gains. December gold last traded up $27.30 an ounce at $1,339.60.
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By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com