Comex Gold Lower On Corrective, Profit-Taking Pullback |
| Forbes - Feb 6, 2012 |
Comex April gold futures are trading solidly lower to start the new trading week, on follow-through selling from price pressure seen Friday. This latest price pullback is not surprising as prices had seen good upside movement in recent weeks—hitting a two-month high early Friday–and were due for a decent downside technical correction. The key “outside markets” are also in a bearish posture for the precious metals Monday morning, as the U.S. dollar index is higher and crude oil prices are lower. April gold last traded down $20.10 at $1,720.20 an ounce. Spot gold was last quoted down $8.50 an ounce at $1,718.00. March Comex silver last traded down $0.249 at $33.50 an ounce.
It’s a “risk off” trading day in the market place Monday as the European Union sovereign debt crisis is back on the front burner. That is also a bit bearish for the precious metals and most other commodity markets. A debt- restructuring deal between the Greek government and the private sector has still not been reached, after several days of reports saying an agreement is close. The EU debt crisis had appeared to stabilize for a while. Still, given that gold is a safe-haven asset, don’t be surprised to see the yellow metal rally if the EU crisis escalates in the near term—even if the U.S. dollar index rallies, too.
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- Posted: 2012-02-06 12:14:09
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