Gold prices ended the U.S. day session moderately lower Tuesday. Prices are hovering not far above Monday’s 10-month low. Bearish technical charts, upbeat trader and investor optimism and a firmer U.S. dollar index continue to work against the safe-haven metal. February Comex gold was last down $7.10 an ounce at $1,158.80. March Comex silver was last down $0.252 at $16.935 an ounce.
Gold prices edged higher in Asian trade on Wednesday on a weaker dollar and as markets waited for the outcome of the U.S. Federal Reserve's policy meeting later in the day.
Spot gold XAU= was up 0.2 percent at $1,159.66 an ounce by 0035 GMT.
The dollar index .DXY, which measures the greenback against a basket of currencies, was down 0.1 percent at 100.990.
Technically, February gold futures closed prices closed near mid-range today. The gold bears have the solid overall near-term technical advantage. There are still no early clues of a market bottom. Prices are in a six-month-old downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,200.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,125.00. First resistance is seen at this week’s high of $1,167.90 and then at $1,175.00. First support is seen at this week’s low of $1,152.50 and then at $1,150.00. Wyckoff's Market Rating: 2.0
Reference: Reuters, Kitco
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