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Market Nuggets: Technical Buying Boosting Comex Gold
14 September 2010, 9:38 a.m.
By Allen Sykora
Of Kitco News
http://www.kitco.com/
(Kitco News)-- Technical buying is playing a big role in the rise for Comex gold, says Charles Nedoss, senior market strategist with Olympus Futures. December gold is $13.80 higher at $1,260.90 an ounce. The market held around support at the 20-day moving average on a pullback late last week. "Last night, we never took out yesterday's low. And we took out Friday's high. So we saw a little bit of stop-loss buying," Nedoss says. "And you're close enough to the new highs that you brought in fresh buying." The move suggests traders still want to get long in gold, he adds. "They are looking to buy the breaks (lower). I think the breaks are becoming less shallow."
By Allen Sykora, of Kitco News; asykora@kitco.com
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