Gold Price Extends Early Gains As U.S. Stock Indexes Sharply Lower

New York (Feb 24)  Gold prices are trading sharply higher in late-morning dealings Wednesday, boosted on more intense safe-haven demand as U.S. equities are selling off sharply. Risk aversion has markedly increased at mid-week. April gold futures are moving in on the February high of $1,263.90, and if that price level is taken out on the upside, buy stop orders would be triggered to send prices still higher. Gold prices have also Wednesday seen a bullish upside technical "breakout" from a symmetrical triangle pattern on the daily bar chart. If world stock markets remain unstable and with a downside price bias in the near term, gold prices would continue to benefit and likely push sideways to higher. April gold was last up $29.80 an ounce at $1,251.90.

Source: KitcoNews