(Kitco News) – Gold prices are now posting double-digit gains and are at daily highs and back above $1,400.00 in late-morning trading Tuesday. Traders are “buying the dip” after the recent strong downside price correction in an uptrend.
The near-term technical posture for gold still favors the bullish camp, which invited the bargain hunters to step in and buy. There is still some geopolitical turbulence in the world marketplace that has just not disappeared because of a lack of new headlines. That’s also supporting the safe-haven metal. August gold was last up $11.70 at $1,400.60.
By Jim Wyckoff
For Kitco News