Gold is modestly lower and has hit a 3.5-month low early this week. Prices are in a steep four-week-old downtrend on the daily bar chart as there is scant, fresh bullish fundamental news to be found. This is allowing the chart-based traders to dominate as the near-term technical postures for gold and silver have deteriorated. August Comex gold was last down $3.60 an ounce at $1,213.00. July Comex silver was last down $0.254 at $16.01 an ounce.
