Comex gold remains sharply higher although it has pared
its gain as the dollar bounces from its lows, says Zachary Oxman, senior trader
with Wisdom Financial. The dollar index is down 0.245 point to 85.662 but up
from a 85.064 low. Also, worries about the economy persist, he says. Oxman
suggests the economy will remain soft until the third or fourth quarter of 2009
and the decline in non-farm payrolls reported on Friday may be revised lower.
"I think the market is pricing in more bad news," he says. Thus, there could be
a tendency for rallies to fade, he adds. Dec gold is up $19.20 to $753.40 an
ounce but down from a $768.90 peak. (ALS)
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