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Gold Falls Below Unchanged on Corrective Technical Pullback, Mild Profit Taking

(Kitco News) - Gold prices have lost early gains to trade modestly lower in late-morning dealings. A downside technical correction and some profit-taking pressure after prices hit a three-month high Wednesday are featured. Selling pressure in the precious metals is being mitigated by bullish "outside markets" on this day that include solidly higher crude oil prices and a weaker U.S. dollar index. February gold futures were last down $2.20 an ounce at $1,113.60.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

 

 

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