SOURCE:[Kitco News] – Comex gold futures prices ended the U.S. day session moderately higher Tuesday. Short covering and bargain hunting were featured following recent downside price pressure. Tuesday’s price action hints that the bears may have run out of downside gas on a near-term basis. February gold last traded up $13.50 an ounce at $1,659.90. Spot gold was last quoted up $11.30 at $1,658.75. March Comex silver last traded up $0.318 at $30.41 an ounce.
Gold prices made a steady climb throughout the session Tuesday, which gave the bulls just a bit of fresh upside momentum just when they needed it. However, the bulls have more heavy lifting to do in the near-term to suggest a near-term price uptrend can be established.