Some shorter-term futures traders are ringing the cash register and taking profits in the gold market in late-morning trading Wednesday. After hitting a 5.5-month high overnight, gold prices have backed down and are trading moderately lower just before midday. The yellow metal had become short-term overbought from a technical perspective and was due for a downside correction. Bulls still have the near-term technical advantage as prices are in an uptrend on the daily bar chart. February gold was last down $4.00 an ounce at $1,290.00.
