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Gold/Mining/Energy : DISCOVERY BOARD ~ PRECIOUS METALS ENERGY URANIUM OIL

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From: PaperPerson	8/26/2011 7:15:49 PM
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Comex Dec. Gold Pushes Above $1,800.00 in After-Hours U.S. Trading as Bulls Make Strong Rebound 26 August 2011, 4:01 p.m. By Jim Wyckoff Of Kitco News kitco.com (Kitco News) - Comex gold futures prices are rallying strongly in after-hours U.S. trading Friday afternoon. Bargain-hunting and technically related buying are featured. The active December futures contract has pushed well above what was a solid psychological resistance barrier of $1,800.00, which triggered buy stops and attracted still more trader demand. A lower U.S. dollar index Friday combined with notions the U.S. Federal Reserve will implement some fresh monetary stimulus sooner rather than later also boosted the safe-haven precious yellow metal. With the very strong rebound in gold prices Friday, now recovering over half of this week's sharp losses, the bulls are now becoming more confident that Thursday's low of $1,705.40 in December gold futures will mark a "reaction low" on the daily bar chart, in an uptrend that will now resume. The fact that gold prices were able to rebound strongly and close the week well up from the weekly low is also a bullish technical clue. December gold last traded up $60.80 at $1,824.00 an ounce.

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