Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as the U.S. dollar rebounded after a sharp drop on Monday.
The most active gold contract for February delivery fell 6.4 U.S. dollars, or 0.54 percent, to settle at 1,170.10 dollars per ounce.
Gold edged down early on Wednesday ahead of an expected U.S. Federal Reserve rate hike next week and as markets waited for clues on the future of the European Central Bank's asset purchase program.
Spot gold XAU= was down 0.2 percent at $1,167.56 an ounce by 0036 GMT. The yellow metal ended the previous session nearly flat.
Technically, February gold futures bears have the solid overall near-term technical advantage. Prices have been trending lower for over five months. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,200.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,150.00. First resistance is seen at $1,180.00 and then at Monday’s high of $1,190.20. First support is seen at last week’s low of 1,162.20 and then at Monday’s low of $1,158.60. Wyckoff’s Market Rating: 2.0
Reference: Reuters, Kitco
Thai
Eng