Gold Moves Higher As Traders "Buy The Dip"
(Kitco News) - Gold prices have pushed higher and are holding modest gains in late-morning trading Thursday. Early weakness was seen as a buying opportunity for many traders, especially given the overall near-term bullish technical posture for gold. Prices are in a seven-week-old uptrend on the daily bar chart. A batch of U.S. economic data released this morning was uninspiring, which put a bit of downside pressure on the U.S. dollar index, and that was also working in favor of the precious metals market bulls. December gold was last up $3.40 an ounce at $1,317.60.