Gold Price Turns Higher As Bargain Hunters Buy The Dip

New York (Oct 28)  Gold prices have pushed above unchanged and are modestly higher in morning dealings Friday. The yellow metal traded weaker overnight and fell under some more pressure after the release of a stronger-than-expected U.S. GDP report. However, traders then stepped in and bought the lower price levels to push prices back above unchanged. The gold market has been trading sideways on the daily chart for nearly two weeks, which does slightly favor the bullish camp, as prices are in a gentle uptrend from the early-October low. A bullish weekly high close on Friday would suggest gold prices could trade at least sideways next week, if not sideways to higher. December gold was last up $2.90 an ounce at $1,272.20.

Source:KitcoNews