30 Aug 2013
Lackluster Thursday for metals?
FXstreet.com (Chicago) – Gold fell from 3-month highs after “substantial improvements” in job market data, as stated by Fed’s Lacker and the potential dissipation of tensions regarding the US military strike against Syria.
Gold reached $1,407.80/oz but succumbed to bearish pressures to currently trade at $1,406.10 after bouncing off lows at $1,405.40 and to accumulate daily losses at 0.48%. Possible explanations for price action are the ease off tensions due to the Syrian incident last week and the US declarations on potential retaliation along rising concerns on Fed’s tapering boosted by declines in unemployment results. Silver was also dragged down and is now offered at $23.85/oz, 2.23% less compared to the previous session. The metal retraced from $24.42 highs and bounced off $23.66 lows.
Platinum is offered at $1,519.90, after losing 0.16% and reaching unsustainable highs at $1,521.30. Its session lows were at $1,519.00. In contrast, copper gained 0.37% and is traded at $3.2560 with session lows at $3.2530 and session highs at $3.2585. Finally, palladium also pocketed gains and is offered 0.09% higher compared to the previous session to trade at $738.40 with session lows at $738.00 and highs at $738.40.
Gold reached $1,407.80/oz but succumbed to bearish pressures to currently trade at $1,406.10 after bouncing off lows at $1,405.40 and to accumulate daily losses at 0.48%. Possible explanations for price action are the ease off tensions due to the Syrian incident last week and the US declarations on potential retaliation along rising concerns on Fed’s tapering boosted by declines in unemployment results. Silver was also dragged down and is now offered at $23.85/oz, 2.23% less compared to the previous session. The metal retraced from $24.42 highs and bounced off $23.66 lows.
Platinum is offered at $1,519.90, after losing 0.16% and reaching unsustainable highs at $1,521.30. Its session lows were at $1,519.00. In contrast, copper gained 0.37% and is traded at $3.2560 with session lows at $3.2530 and session highs at $3.2585. Finally, palladium also pocketed gains and is offered 0.09% higher compared to the previous session to trade at $738.40 with session lows at $738.00 and highs at $738.40.