Comex April gold futures solidified their recent press
Comex April gold futures solidified their recent press higher Wednesday by confirming support at the $433-per-ounce level and ending the session above the $436 mark for the first time in 2005, Dow Jones reported.
The most-active April contract settled 30 cents higher at $436.10 per ounce.
April futures started off on the back foot, shunted lower by the overnight creep higher in the U.S. dollar relative to other currencies, which muted demand for dollar alternatives such as gold.
While profit taking from speculative players featured most prominently during the early slide, some light local short covering was also noted, and that source of selling during the first half of the session ironically fueled the sturdy rebound seen in prices over the latter part of the day through short
covering once the U.S. dollar wilted from its early highs.
Spot gold peaked at $435.85 during the New York session and is seen eyeing the $436, $438 and $440 levels as major upside objectives.