(Kitco News) – Gold prices have erased mild overnight losses and are trading with slight gains and back above $1,200.00 in early U.S. dealings Monday. Some short covering in the futures market and perceived bargain hunting in the cash market are featured. From a technical perspective, the bulls believe they have stabilized prices with the recent sideways action on the daily chart, to suggest a market bottom is in place. That’s also inviting some buyers to step in on the long side. December gold futures were last up $1.70 at $1,202.20.
By Jim Wyckoff
For Kitco News