(Kitco News) – Gold prices have moved up from moderate overnight losses to trade near steady in early U.S. dealings Wednesday. Some short covering and perceived bargain hunting following the selling pressure seen earlier this week are featured. Gold prices have backed well down from last week’s two-month high of $1,113.10 an ounce, basis February Comex futures. The bulls needed to step up and show some strength, in order to keep the chart-based sellers from gaining confidence and stepping into the market on the short side.
February gold was last unchanged at $1,085.20 an ounce.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff
