Comex gold futures prices dropped below what was psychological support at the $1,200.00 level and hit a six-week low in late-morning trading Wednesday. Technical selling is featured this week as the chart posture for gold has deteriorated significantly recently. The key “outside markets” are also in a bearish mode for the precious metals Wednesday, as the U.S. dollar index is higher and crude oil prices are lower. April gold was last down $9.10 an ounce at $1,199.50.
