Thursday, May 16, 2013

Gold continues to slide after hitting four-week low


Gold futures traded lower in the early part of Thursday’s Asian session after skidding to a four-week low in Wednesday’s U.S. session. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell 0.67% to USD1, 386.85 per troy ounce in Asian trading Thursday after settling down 2.07% at USD1, 395.05 a troy ounce in U.S. trading on Wednesday. Gold futures were likely to test support USD1,323.00 a troy ounce, the low from April 16, and resistance at USD1,444.15, Tuesday's high. Mixed economic data pressured gold, although other risky assets such as stocks proved durable. In U.S. economic news, industrial production fell more than expected in April, contracting 0.5% after expanding a revised 0.3% in March. Separately, the U.S. Department of Labor said the country's monthly producer price index fell 0.7% in April, outpacing analyst’s calls for a 0.6% fall and beyond the 0.6% decline during the previous month. Europe provided some slack data points as well. Euro zone GDP contracted 0.2% in the first quarter, worse than the expected 0.1% contraction. Germany, the euro zone’s largest economy, said its first-quarter rose just 0.1%, short of the expected 0.2% increase.


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FerraWilson13 said...

Experts who track the movement of the precious metal believe the recent crash seen in gold price may not be a temporary blip , and that it could remain subdued for a while. And the same review was written in anyoption review site wherein the article discusses that the gold's value sloping down won't be something permanent but it will take longer as expected.

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