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Modest pressure on gold prices likely to remain near term: HSBC

Posted on 25 October 2012

Gold prices could remain under pressure in the near term as the yellow metal fell under technical-chart support at $1,720 an ounce and was dragged down Tuesday by the weakness in risk assets, said (HSBC) in a commodity snippet.
Weakness in the euro, price declines in the industrial commodities and the platinum group metals because of lower-than-expected corporate earnings were all weighing on gold. If gold breaks $1,700, the next support level is $1,660, which is where gold held prior to Federal Reserve Chairman Ben Bernanke’s speech at the Fed symposium in Jackson Hole, said James Steel, analyst with HSBC………………………………………..Full Article: Source


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