Gold Settles $17.90 Higher... ($1164.70)

By Mike Daly
23 November 2009 @ 03:06 pm EDT

Today's Gold session notched yet another all-time high... (Globex - $1174.00 & Comex - $1173.50) The Gold rally was fueled by the weakness of the Dollar. The U.S Dollar traded a 6 week low versus the Japanese Yen after comments from a Federal Reserve spokesman solidifying their position of keeping U.S. Interest rates low. This prompted investors to diversify from the greenback and into Gold as a "safer haven". This rush to Gold rallied the Gold market through technical resistance ($1155.00) and turning the trend bullish. This touched off the buying frenzy taking us to new all-time highs...

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