Gold Rallies; Platinum Soars to New Record High

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This rally seems strong as gold has just spiked upwards and breeched $810," said Zachary Oxman, a senior trader at Wisdom Financial. "I'd regard any trading through the end of the year as strictly technical trading or position cleaning type trading."

Platinum for January delivery advanced as high as $1,524 an ounce, a new all-time record high, in regular trading on Tuesday. In electronic trading, platinum rose as high as $1,526.40.

Gold for February delivery rose $9.70, or 1%, to $809 an ounce on the New York Mercantile Exchange. Earlier, gold futures hit an intraday high of $811.

"This rally seems strong as gold has just spiked upwards and breeched $810," said Zachary Oxman, a senior trader at Wisdom Financial. "I'd regard any trading through the end of the year as strictly technical trading or position cleaning type trading." "I'd be surprised to see a strong position taken one way or another before the New Year at this point," Oxman said in emailed comments. "Watch for choppy, low-volume trading, play the support-resistance trade and keep your stops tight."

On Monday, gold futures gained $1.30 to end at $799.30 an ounce.

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