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2014.03.1108:35:30UTC+00Gold floats as stock-bubble chat emerges

Gold prices floated in electronic trading Tuesday, hugging the breakeven mark even as bubble talk surrounding equities continued to establish.

Gold for April delivery was flat at $1,341.50.00 an ounce, while May silver shed a nickel, or 0.3%, to $20.87 an ounce.

Yesterday, gold futures brushed aside  a slow opening for the week to close in a high note, while copper futures were punished by disappointing data out of China.

High-grade copper for May delivery rebounded from Monday’s retreat to bolster 2 cents, or 0.5%, to $3.05 a pound.

Elsewhere, April platinum relinquished 70 cents to $1,476.60 an ounce, while June palladium gave up $1.45 to $775.40 an ounce.

At this point, the technical tea leaves favor the gold bugs, according to Jim Wyckoff of Kitco News.

“A 2.5-month-old uptrend is still in place on the daily bar chart, but the bulls need to show more power soon to keep it in place,” he said. “Bulls also still have the overall near-term technical advantage.”

Wyckoff added that “the specter of terrorism being at blame” for the Malaysian airliner that went missing over the weekend is unsettling

 

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