Gold Shows Impressive Resilience In Face Of Surging Greenback
(Kitco News) - Gold have lost some of their earlier gains in late-morning action Thursday, but are still trading with moderate advances on the day. Impressive is the fact that gold and silver prices are holding well above unchanged despite a strong surge in the U.S. dollar index today. Today's gains in the USDX, and its big trading range, are the biggest in quite some time. The fact that gold is faring well today, including holding above the key $1,300.00 level, strongly suggests the yellow metal has bottomed out and that prices can trade at least sideways in the near term, if not sideways to higher. August gold was last up $6.10 an ounce at $1,307.50.