Once again on Wednesday the gold market is feeling the effects of the key “outside markets.” Gold prices were holding modest gains earlier, but have fallen below unchanged as the U.S. dollar index hit its daily high and crude oil prices dropped to their daily lows. Some technically related selling pressure is also evident Wednesday morning as the near-term chart posture for gold favors the bears. April gold was last down $4.70 an ounce at $1,227.60.
