(Kitco News) - Comex
gold futures are seeing intensified selling pressure in late-morning
trading Wednesday. The surging U.S. dollar index and faltering crude
oil prices this week have worked against the gold market bulls. The
weakening near-term technical posture of the gold market this week has
also led to fresh chart-based selling pressure. The gold market bears
are now working hard to push June futures prices below key technical
and psychological support at the $1,400.00 level. A daily close below
$1,400.00 would then open the door to a challenge of major chart
support at the April spike low of $1,321.50 in June futures. June gold
last traded down $20.00 an ounce at $1,404.00.
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By Jim Wyckoff
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