Gold prices ended another subdued trading session with slight gains Wednesday. Some profit-taking by the short-sellers (short covering) was featured as the year 2016 winds down. Gold and silver bears are maintaining their firm control of the technical charts. February Comex gold was last up $1.50 an ounce at $1,140.30. March Comex silver was last up $0.046 at $16.035 an ounce.
Technically, February gold futures prices closed near mid-range. The gold bears still have the solid overall near-term technical advantage. 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 $1,168.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,100.00. First resistance is seen at today’s high of $1,145.10 and then at this week’s high of $1,151.70. First support is seen at this week’s low of $1,132.80 and then at last week’s low of $1,124.30. Wyckoff's Market Rating: 2.0
Swiss bank UBS looks for gold to average $1,350 an ounce in 2017, characterizing the metal as “down but not out” after significant price declines over the last few weeks.
Gold prices crawled up early Thursday, supported by a softer dollar and weaker Asian equities.
Spot gold XAU= edged up 0.2 percent to $1,144.36 an ounce by 0044 GMT. Gold has risen about 8 percent so far this year despite an 8 percent drop in November.
Reference: Kitco, Reuters
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