25 Oct 2013
Horse power’s off? Metals lose momentum
FXstreet.com (Chicago) – Metals continue trading low key on Friday’s session shortly after the publication of US durable goods data and ahead of the Reuters/Michigan consumer sentiment index.
This week was marked by the continuation of the bullish rally from gold to recover the $1,300 zone and beyond. Weaker than expected US job results precipitated strong reactions among market participants assuming the bond-buying program by the Federal Reserve may not happen until next spring 2014 – speculations backed up by more speculations: Bloomberg’s surveys.
Ahead of Wall Street’s opening, gold is offered at $1,341.90 and retraces 0.62% printing lows at $1,335.30 and highs at $1,347.90. Silver is down 2.19% and yet remains above the $22 zone to be offered at $22.32 printing lows at $22.26 and highs at $22.76. Platinum is down 1.08% and trades around session lows at $1,440.00 after retracing from peaks at $1,453.30. Copper also retreats and loses 0.70% so far with bids at $3.2405, lows at $3.2340 and highs at $3.2730. Finally, palladium is down 1.72% and is trading at $734.95 registering lows at $734.10 and highs at $748.
This week was marked by the continuation of the bullish rally from gold to recover the $1,300 zone and beyond. Weaker than expected US job results precipitated strong reactions among market participants assuming the bond-buying program by the Federal Reserve may not happen until next spring 2014 – speculations backed up by more speculations: Bloomberg’s surveys.
Ahead of Wall Street’s opening, gold is offered at $1,341.90 and retraces 0.62% printing lows at $1,335.30 and highs at $1,347.90. Silver is down 2.19% and yet remains above the $22 zone to be offered at $22.32 printing lows at $22.26 and highs at $22.76. Platinum is down 1.08% and trades around session lows at $1,440.00 after retracing from peaks at $1,453.30. Copper also retreats and loses 0.70% so far with bids at $3.2405, lows at $3.2340 and highs at $3.2730. Finally, palladium is down 1.72% and is trading at $734.95 registering lows at $734.10 and highs at $748.