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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

Analysts expect lower gold prices as technicals look negative

Posted on 11 November 2013

A stronger-than-expected U.S. jobs report has created strong downward pressure on gold prices, and looking at the technical picture, analysts said that prices could head lower in the near-term.
Following the U.S. jobs numbers, strong selling hit the December Comex gold futures contract. At the time of the release, at 8:30 a.m. EST, gold was trading at $1,304.50 an ounce. Five minutes later the yellow metal hit $1,292.30. The selling pressure continued and by 10:35 a.m. gold fell to a session low of $1,280.50………………………………………..Full Article: Source


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