(Kitco News) – Gold prices are trading moderately up and have hit a five-month high in morning U.S. dealings Wednesday. The yellow metal erased modest early losses and moved to its session high as the U.S. dollar index extended its overnight losses and hit its daily low. Buy stop orders were hit in the gold futures market when prices pushed above chart resistance at last week’s high. There is also likely some position evening occurring by the shorter-term futures traders, heading into this afternoon’s FOMC announcement. February gold was last up $6.80 an ounce at $1,260.20.
By Jim Wyckoff
For Kitco News