Technically, the area around $1,232 an ounce is a key short-term level for Comex December gold, says Dave Toth, markets insights senior analyst with R.J. O’Brien. This was the low from Friday before the contract ran to a nearly six-week high of $1,255.60 on Tuesday. “Such a sub-$1,232 failure would, in fact, break this month’s uptrend from (the Oct. 6) $1,183.30 low and expose AT LEAST a correction of this rally,” Toth says in a research note. “And against the backdrop of a three-year downtrend and the prospect that October’s recovery is just a correction of the decline from July’s $1,346.80 high (on a continuation chart), a resumption of the secular bear to new lows below $1,183 is also on the table.” As of 9:48 a.m. EDT, December gold was down $9.70 to $1,235.80 an ounce and hit a low of $1,232.40.
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Read moreCME Group lowered margins for some far deferred copper futures contract months, which will be effective after the close of business Thursday, the exchange operator said in a late-Wednesday notice.
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Read more(Kitco News) – Gold prices are moderately lower in early U.S. trading Thursday, on more profit taking from the shorter-term futures traders and on chart consolidation following recent gains.
Read moreNed Goodman, president and chief executive officer of Dundee Corp., believes gold is undervalued while equities are poised for a crash.
Read more(Kitco News) – Gold futures lost ground along with the euro Wednesday on ideas that the European Central Bank might undertake more measures to loosen monetary policy, traders said.
Read moreNelson Bunker Hunt, one of the two Hunt brothers who tried to corner the silver market between 1979-80, died Tuesday at age 88, according to the Associated Press.
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