Gold prices were ending the U.S. day session a bit firmer on some more short-covering in the futures market and perceived bargain-hunting in the cash market after hitting a 10-month low late last week. The precious metals bulls are still spooked by the recent powerful rally in the U.S. dollar index that last week hit a 13-year high. February Comex gold was last up $4.60 an ounce at $1,141.90. March Comex silver was last down $0.14 at $16.075 an ounce.
Gold prices edged lower on Tuesday, after closing up in the two previous sessions, as optimistic remarks on the U.S. labor market by Federal Reserve Chair Janet Yellen strengthened the possibility of further rate hikes next year.
Spot gold XAU= shed 0.2 percent to $1,136.96 an ounce by 0100 GMT.
Technically, February gold futures prices closed nearer the session high. The gold bears still 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 last week’s high of $1,168.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,100.00. First resistance is seen at $1,146.00 and then at $1,150.00. First support is seen at today’s low of $1,135.50 and then at last week’s low of $1,124.30. Wyckoff's Market Rating: 1.5
Holdings of the SPDR Gold Trust (GLD), the world's largest gold-backed exchange-traded fund, fell 1.06 percent to 828.10 tonnes on Monday. [GOL/ETF]
Reference: Reuters, Xinhua
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