• Live Gold
    Price

  • BID

  • ASK

  • +/-

  • %

  • Live Gold
    Price

  • BID

  • ASK

  • +/-

  • %

  • Live Gold
    Price

  • BID

  • ASK

  • +/-

  • %

Gold Drops Below $1,200.00, Hits 9-Mo. Low, On Charts, Upbeat U.S. Data

Gold prices are solidly lower, hit a nine-month low and have fallen below key chart support at $1,200.00 in early U.S. trading Wednesday. The bearish near-term technical postures for gold and silver markets continue to invite chart-based selling interest. Sell stop orders were triggered in the Comex gold futures market when prices breached the $1,200.00 level. A higher U.S. dollar index today is also a bearish outside market force working against the precious metals market bulls. December Comex gold was last down $15.70 an ounce at $1,195.50. December Comex silver was last down $0.217 at $16.42 an ounce.

A much stronger-than-expected U.S. durable goods report, just released, also helped to sink gold and silver markets, as it rallied the U.S. dollar index. The strong durables data falls into the camp of the U.S. monetary policy hawks, who want to see interest rates rise soon.

The Federal Reserve’s FOMC minutes will be released early this afternoon. However, with most market watchers already expecting the Fed to raise U.S. interest rates in December, today’s FOMC minutes are not likely to be markets-movers.

There were also reports out overnight that the Indian government is exploring a ban on gold imports to help the government combat illegal, black market money activities in India. These reports may also be adding some downside pressure on the gold market today. India is one of the world’s top-two gold importers, along with China.

http://www.forbes.com/sites/kitconews/2016/11/23/gold-drops-below-1200-00-hits-9-mo-low-on-charts-upbeat-u-s-data/#4ab242173431

Signup for Newsletter!

Exclusive offer for new member!