"...Gold Ends Lower, Hits 6-Week Low, on More Chart-Based Pressure "

From Kitco:

Gold prices ended the U.S. day session moderately down and fell to a six-week low Wednesday, on more technical selling pressure and amid a dearth of fresh, bullish fundamental news for the yellow metal. The gold and silver bears remain in near-term technical control of their markets. April gold was last down $7.00 at $1,304.40 an ounce. Spot gold was last quoted down $6.80 at $1,305.40. May Comex silver last traded down $0.174 at $19.805 an ounce.

This week has not seen any major, markets-moving geopolitical developments and few major economic data points. That has left the chart-based traders to have a heavier influence on many markets, including gold and silver. Early-morning short-covering and mild bargain-hunting gains in gold succumbed to technical selling pressure at mid-morning.

In overnight news, Federal Reserve Bank of St. Louis president James Bullard said the U.S. economy continues to improve and said he sees U.S. unemployment below 6% by the end of this year. Amid the lack of major headline economic data points so far this week, focus of the market place has been on world central banks and their monetary policies. European stocks rallied in part Wednesday on ideas the European Central Bank will soon embark on further monetary policy stimulus due to concerns about deflation. And recent downbeat economic data from China has the market place buzzing that China monetary officials could also loosen money policy to help stimulate the world’s second-largest economy. Traders and investors were caught off guard last week when the U.S. Federal Reserve issued a report that was deemed as less dovish than expected given that new Fed chair Janet Yellen is generally believed to be fully in the dovish camp on monetary policy.

The London P.M. gold fixing was $1,304.00 versus the previous P.M. fixing of $1,313.50.
Technically, April gold futures prices closed nearer the session low Wednesday and hit a six-week low. Serious near-term chart damage has been inflicted recently. The bears have the near-term technical advantage....MORE

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