Gold, Precious Metals Resume Lower
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After bouncing off $1525/oz last week, gold hit a ceiling at 1600/oz and is now heading lower again. Traders think gold will retest one of these levels in short order, most likely lower, and we will either see a breakout or a short term range pattern develop.
Stronger demand for the USD is pushing gold prices lower. Other precious metals are also moving lower today, with all of them down 1 to 2 percent. Silver is just under $28, platinum is at $1430, and palladium is at $606.50. The spot price of gold is 1560/oz.
Gold can be traded using the ETF (NYSE: GLD), silver trades as (NYSE: SLV), the platinum ETF is (NYSE: PPLT), and palladium is (NYSE: PALL).
Stronger demand for the USD is pushing gold prices lower. Other precious metals are also moving lower today, with all of them down 1 to 2 percent. Silver is just under $28, platinum is at $1430, and palladium is at $606.50. The spot price of gold is 1560/oz.
Gold can be traded using the ETF (NYSE: GLD), silver trades as (NYSE: SLV), the platinum ETF is (NYSE: PPLT), and palladium is (NYSE: PALL).
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