Gold Extends Early Gains as US Dollar Index Weaker

New York (Dec 21)  Gold prices are trading solidly higher in late-morning dealings Monday, on follow-through technical buying from Friday's rebound and on some short covering in the futures market. The U.S. dollar index is weaker on the day Monday, which is also supporting some bargain-hunting buying interest in the yellow metal. If there continues to be some buying strength in the gold market early this week, the technical-based buying could increase, as there would arise the potential for a bullish double-bottom reversal pattern forming on the daily bar chart, which would be an early technical clue the gold market has bottomed out. February gold was last up $13.20 an ounce at $1,078.20.

Spot silver rose nearly 1% to $14.29, and platinum surges $17 to $877, while palladium declined $4 to $556. 

Source: KitcoNews