Gold Prices End Choppy in Two-Sided Trade; Dollar Drop No Help to Metal

Kitco News -- Gold prices ended the U.S. day session near steady in a choppy, two-sided trade Wednesday. A sharp drop in the U.S. dollar index did little to help the precious metals bulls on this day, as crude oil prices lost their early gains and are trading near this week’s nearly seven-year low, said Jim Wyckoff in an interview with Kitco News. 'The crude oil market is in keener focus this week as Nymex futures prices on Tuesday fell to a nearly seven-year low below $37.00 a barrel,' he said. 'It was a quieter news day Wednesday, which allowed the chart-based sellers to dominate, and the technicals still firmly favor the precious metals bears,' he added. February Comex gold was last up $1.00 at $1,076.40 an ounce. March Comex silver was last up $0.059 at $14.175 an ounce. Wyckoff also noted that the next downside target for the energized crude oil market bears is the 2009 low of $33.20 a barrel.

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