Gold gains to end the day.

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Gold Ends Firmer On Bargain Hunting, Short Covering 
Wednesday January 13, 2016 13:40

(Kitco News) - Gold prices at mid-morning moved up from moderate overnight losses to trade modestly higher, where they ended the U.S. day session. Some short covering and perceived bargain hunting were featured following the selling pressure seen earlier this week.

The U.S. dollar index backed down from its daily high and crude oil prices were firmer today, which also encouraged some buying interest in the gold and silver markets. The gold bulls needed to step up and show some strength, in order to keep the chart-based sellers from gaining confidence and stepping into the market on the short side.

February gold was last up $3.00 at $1,088.50 an ounce. March Comex silver was last up $0.414 at $14.165 an ounce.

Technically, February gold futures prices closed nearer the session high on short covering and bargain hunting after recent selling pressure.

The gold bears still have the overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,113.10.

Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,070.00.

First resistance is seen at today’s high of $1,092.80 and then at $1,100.00.

First support is seen at today’s low of $1,079.40 and then at $1,070.00.