Gold Needs ‘More Work’ to Stay at $1300 Level; Backs Down from 15-Month High

from Kitco NEWS

lass=”” >The gold market saw some modest profit-taking pressure kick in from the shorter-term futures traders on Tuesday, said Kitco Metals’ senior technical analyst Jim Wyckoff. After June Comex gold hit a 15-month high of $1,306.00 Monday, gold prices pulled back on Tuesday. June Comex gold was last down $6.50 at $1,289.30 an ounce. With gold bulls rejoicing at prices last seen in early 2015, more work is required to establish gold over the $1,300 level, Wyckoff said. ‘The U.S. dollar index also saw a corrective bounce today, after notching an eight-month low overnight. The firmer greenback today and weaker crude oil prices were also negative outside markets for the precious metals on this day,’ Wyckoff said in an interview with Kitco News. He added, ‘It was a risk-off day in the marketplace Tuesday, which did limit the selling pressure in safe-haven gold.’

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