Gold Slips Lower on More Technical Selling and Pressure from Bearish Outside Markets

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Gold Slips Lower on More Technical Selling and Pressure from Bearish Outside Markets

Wednesday December 5, 2012 10:28 AM

– Comex gold futures have dropped to near the daily low at midday Wednesday, hitting a fresh four-week low, on some fresh technical selling pressure and long liquidation amid key “outside markets” that have turned bearish.
The U.S. dollar index is trading firmer and near its session high, while Nymex crude oil futures have dipped below unchanged. The gold market bulls are fading on a near-term technical basis. A drop below strong near-term technical support at the November low of $1,674.70 would produce serious near-term chart damage to suggest another leg down in prices in the near term. Also, the key 200-day moving average in February gold is now located at $1,671.00. A move in gold prices below that moving average would further spook some fund managers and other large traders who monitor the 200-day moving average very closely. February gold last traded down $4.10 at $1,691.70.
ref.kitco

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