• Gold prices were slightly higher in late U.S. trading Tuesday and did hit a six-week high during the session. An overnight dip in prices turned into a buying opportunity for bargain hunters when the U.S. day session got under way. Reports Tuesday said demand for physical gold from China is increasing ahead of the Chinese lunar new year. There has also been a pick-up in demand for gold-backed exchange-traded-funds early in 2017. The technical chart postures for gold and silver are also turning more bullish early this year. February Comex gold was last up $0.70 an ounce at $1,185.60. March Comex silver was last up $0.192 at $16.875 an ounce.
• Gold held steady early Wednesday after touching six-week highs in the session before, with investors awaiting more policy cues from U.S. President-elect Donald Trump's first news conference since the elections, due later in the day.
• Spot gold was little changed at $1,187.76 an ounce by 0043 GMT. Bullion reached its highest level since Nov. 30 on Tuesday at $1,190.46.
• The market is looking for more clues on Trump's spending plans in the first news conference since his shock election win in November.
•Trump and his transition team say the news conference will be at 11 a.m. Eastern time on Wednesday.
• Technically, February gold futures bears still have the overall near-term technical advantage. However, prices are in a three-week-old uptrend and there are chart clues that a market bottom is in place, and which also suggest prices can continue to trend sideways to higher in the near term. 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 $1,160.00. First resistance is seen at today’s high of $1,190.60 and then at $1,200.00. First support is seen at today’s low of $1,180.20 and then at this week’s low of $1,172.20. Wyckoff's Market Rating: 4.0
Reference: Kitco, Reuters, USATODAY
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