Gold Pushes Above Unchanged As Traders "Buy The Dip"
(Kitco News) - Gold prices have erased early losses to trade modestly up on the day, in late-morning action Thursday. Given the bullish technical posture of the gold market, at present, traders stepped in to buy the dip in prices, while reckoning there is more on the upside for the yellow metal in the near term. The outside markets are also in a bullish daily posture for the precious metals today, as the U.S. dollar index is lower, while crude oil prices are slightly higher and hit a three-year high overnight. February gold was last up $2.20 an ounce at $1,320.60.