A Fast Start for Gold

February Comex gold futures scored a fresh two-week high of $1,641.40 Tuesday morning. The precious yellow metal has rebounded by more than $100 an ounce from the Dec. 29 low of $1,523.90. The gold market bulls are starting out the new year with fresh near-term upside technical momentum, suggesting that a market low is in place.

The gold bulls, however, have more upside work to do in to suggest that a near-term price uptrend can be re-established on the daily bar chart. A move above near-term psychological resistance at $1,700 in nearby gold futures suggests that a near-term price uptrend has been re-established and that prices could continue to trend sideways to higher in the near term....326 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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