Comex gold futures prices have turned moderately lower, while the cash gold market is trading just above unchanged in late-morning dealings Tuesday.
Prices have dropped back below the key $1,200.00 level as the near-term technical posture for gold has deteriorated, compared to that of late last week. The uncertainty in the market place is still prevalent as midday approaches. However, U.S. stock indexes have stabilized and there appears to be just a bit less anxiety among traders and investors, compared to a couple hours ago. Also, gold market bulls are worried about the FOMC meeting results favoring the monetary policy hawks. The FOMC meeting ends Wednesday afternoon and includes a press conference from Fed Chair Janet Yellen.
February gold was last down $12.00 an ounce at $1,195.50.
