By Jim Wyckoff
Of Kitco News
The gold market has come roaring back from early profit-taking selling pressure Tuesday morning, as bargain-hunting traders “bought the dip” and fresh safe-haven buying interest entered the market. December Comex gold last traded up $7.70 an ounce at $1,236.10. The U.S. dollar index has sold off after scoring early gains Tuesday, which is also supporting fresh buying interest in gold. The U.S. and European stock markets are lower Tuesday, and the U.S. Treasury markets are soaring, which underscores investors are moving to a keener risk-averse mode, which is bullish for gold. Technically, December gold futures are scoring a big and bullish “outside day” up on the daily bar chart, whereby the daily high is higher and low is lower than the previous day’s trading range, with a higher price on the day.
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