Gold futures on Wednesday were flipping between small gains and losses, putting the precious metal in jeopardy of finishing lower for the first time in four sessions after marking the highest finish in almost three weeks.
A climb in global stocks was helping to dull factors that would ordinarily help to support decisive buying in bullion.
Some analysts, however, are remaining sanguine about gold purchases in the nearer term, despite tilting lower to trading virtually unchanged.
“Technically, the April gold futures bulls have the overall near-term technical advantage,” wrote Jim Wyckoff, senior analyst at Kitco.com, in a Tuesday daily note.
The analysts said the next upside price objective for bullish investors in gold is to produce a close above solid resistance at the January high of $1,856.70 an ounce.
At last check, April gold
GCJ22,
+0.03%
GC00,
…
