Gold Pushes Higher On Short Covering, Weakening U.S. Dollar Index

Posted by Jim Wyckoff via Kitco

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Comex gold futures are trading modestly higher and near the daily high near midday Wednesday. The market is getting a lift from short covering after this week’s selling pressure that saw prices hit a three-week low in earlier trading. Gold is also getting a boost from the U.S. dollar index hitting a six-week low and trading near its daily low at midday Wednesday. December gold last traded up $4.50 an ounce at $1,286.80.