Gold Sharply Higher on Technical and Safe-Haven Buying

New York (June 19)  Gold prices are sharply higher and have hit a three-week high in morning trading Thursday. August gold futures have pushed above the key 200-day moving average and have negated a downtrend line on the daily bar chart.

Bulls have gained more technical energy Thursday. Buy stops in August gold futures were also triggered, which accelerated the price gains. The next upside target for the gold market bulls is pushing prices above major technical resistance at $1,300.00. Safe-haven demand for gold is also featured Thursday, amid the present heightened tensions in the Middle East.

August gold was last up $22.10 an ounce at $1,295.00.

Source: KITCO