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(Kitco News) -Comex gold futures have backed down on some profit-taking pressure in mid-morning trading Thursday, after hitting a fresh five-week high in earlier action. The U.S. dollar index has moved up from its daily low and crude oil prices have backed down from the daily high, which has lent some selling pressure to the precious metals. Still, the gold market bulls have seen a good week so far and a corrective pullback in prices is not unexpected and not unhealthy from a technical perspective. February gold last traded down $4.90 an ounce at $1,655.00. By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com |
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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication |
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Comex Gold Backs Off A Bit On Some Profit-Taking Pressure
19 January 2012, 9:57 a.m. |