Daily Gold Update

Source: Marketwatch

New York— Gold futures pushed above $800 an ounce Tuesday, boosted by dollar weakness and technical buying, while platinum also gained after South African miners went on a one-day strike over safety standards. Gold for February delivery rose $12.90 to finish at $807.60 an ounce on the New York Mercantile Exchange.

"The bounce today seems to have been caused by some technical trade playing the bounce back up to the next near-term resistance of $825," said Zachary Oxman, a senior trader at Wisdom Financial. "I think that you'll continue to see profit-taking and selling into rallies through the end of the year, and then making its next large leg up in 2008," Oxman said in emailed comments. See full story.