Tuesday December 9, 2014 9:55 AM
(Kitco News) - Gold prices are trading sharply higher and hit a six-week high in mid-morning dealings Tuesday. The precious metal has extended early solid gains. Safe-haven demand amid a world stock market sell-off and amid solid losses in the U.S. dollar index Tuesday have boosted the gold market. Technically, the gold bulls have gained fresh upside momentum Tuesday as price action has produced a bullish upside "breakout" from the recent sideways trading range on the daily chart. The next upside price objective for the re-energized gold bulls is the October high of $1,256.20, basis February Comex futures. February gold last traded up $31.10 an ounce at $1,226.10.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
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