Monday, Nov 16th, 2009
Gold prices hit a fresh record high above $1,130 an ounce on Monday and traders reported fund buying, with a weak dollar offering additional support.
“Someone had an interest in making a new high,” said Michael Kempinski, a trader at Commerzbank. “Technically it’s looking quite good now … quite bullish levels.”
“There is no bullish news that can give a reason for the move, so maybe someone is playing games and trying to protect their position,” he added. “$1,150 is the next level.”
Mr Kempinski added that gold, which touched a high of $1,132.95, was also buoyed by a weaker dollar and rising oil prices.
A weak US currency makes metals priced in dollars less expensive for holders of other currencies.
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This article was posted: Monday, November 16, 2009 at 4:59 am