Gold Stages Impressive Rebound on Short Covering,

 

Gold Stages Impressive Rebound on Short Covering,

The gold market is posting an impressive price rebound in late-morning trading Friday. After hitting a fresh two-week low in the wake of a stronger-than-expected U.S. jobs report, a wave of short covering and bargain-hunting buying interest hit the gold market to drive prices well above unchanged. The fact that gold prices have been able to rally in the face of the bearish U.S. jobs report and amid a very strong U.S. dollar index Friday morning is very encouraging, from the bulls' point of view.

Also, gold prices dropped down to challenge strong technical support at the February low, but did not push below it, and then rebounded. That's another bullish clue that a market bottom is in place, or close at hand. A close above unchanged levels on Friday would give the bulls some confidence that a near-term market bottom is indeed in place. A  technically bullish weekly high close in gold prices on Friday would provide the bulls with better confidence the market has put in a near-term low. April Comex gold last traded up $5.00 an ounce at $1,580.00.

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News Source: www.marketwatch.com

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