- Gold extended losses to a fourth session on Wednesday as calm in the global stock markets curbed demand for the safe-haven asset that had rallied last week to its highest in a year.
* Spot gold had fallen 0.3 percent to $1,196.76 an ounce by 0048 GMT, after losing nearly 4 percent in the last three sessions. It dropped to a session low of $1,190.40 on Tuesday before recovering slightly.
However The metal is still up nearly 13 percent for the year, making it the best performing asset this year.
Investors will be eyeing minutes of the Federal Reserve's Jan. 26-27 meeting to be released later on Wednesday to gauge the U.S. central bank's view of the economy and how quickly it could raise interest rates.
- Technically, April gold futures prices closed near mid-range in a big trading-range day. Prices last week hit a 12-month high. Prices are still in a two-month-old uptrend on the daily bar chart and bulls still have the overall near-term technical advantage. However, the bulls now appear to be near-term exhausted and a bearish V-Top reversal pattern could be forming on the daily chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,263.90. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,150.00. First resistance is seen at $1,225.00 and then at today’s high of $1,236.30. First support is seen at $1,200.00 and then at today’s low of $1,191.50. Wyckoff’s Market Rating: 6.0
Reuters: Reuters, Kitco
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