Gold Edges Higher

Moore sees technical support for December futures at around the $572 to $575 level, and short-term resistance at around $583 to $585.

The bullion exchange-traded funds, streetTracks Gold Shares (GLD Quote) and iShares Comex Gold Trust (IAU Quote), were moving up about 0.6% recently.

Among the miners, shares of Agnico-Eagle Mines (AEM Quote) were jumping about 3.9% lately, while the Market Vectors Gold Miners ETF(GDX Quote) was gaining 1.4%, both buoyed by the strong equity market.

In base metals, Comex December copper contracts closed down 2.35 cents at $3.3865 a pound. The slippage in the metal price didn't seem to faze investors who were bidding up shares of miner Southern Copper(PCU Quote), which were recently lifting 2%.

Also in copper, the latest London Metal Exchange report shows that stocks rose 100 tons to 114,000 tons. That compares with a calendar low of about 90,000 reached in early July. Buyers hoping that slowing demand will lead to high stock levels and lower prices may, however, be disappointed. That's because investment interest from commodity index funds is causing the historical relationship between copper stocks and price levels to break down, according to a recent report by Peter Hollands, managing director at London-based Bloomsbury Minerals Economics.

"Even at much higher stock levels, prices will remain higher than in the past," the report states.