Gold Pushes Above Unchanged As Traders "Buy The Dip"

(Kitco News) - Gold prices have erased early losses to trade modestly upon the day, in late-morning action Thursday. Given the bullish technicalposture of the gold market, at present, traders stepped in to buy the dip inprices, while reckoning there is more on the upside for the yellow metal in thenear term. The outside markets are also in a bullish daily posturefor the precious metals today, as the U.S. dollar index is lower, while crude oil prices are slightly higher and hit a three-year high overnight. Februarygold was last up $2.20 an ounce at $1,320.60.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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