Kitco News -- Although gold prices ended the U.S. day session slightly lower Wednesday, Jim Wyckoff, senior technical analyst for Kitco Metals said he is still very 'impressed,' by the metal's recent run. "Gold and silver markets saw normal, mild corrective pullbacks on the charts following recent good gains that saw gold hit a four-week high and silver hit a three-week high this week," he said on Wednesday. Wyckoff explained, "The gold bulls still have the slight overall near-term technical advantage," adding that the next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,275.00. April Comex gold was last down $1.80 an ounce at $1,253.80. May Comex silver was last down $0.002 at $18.25 an ounce.
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.