GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!

Thursday, November 12, 2015

Gold Headed Towards $1,000 Level?

December gold futures prices ended a very choppy U.S. trading session lower and hit a fresh low Thursday. ‘December gold dropped below what was strong chart support at the summertime low of $1,073.70 …this triggered sell stop orders and produced fresh near-term technical damage to suggest still more selling pressure in the coming days,’ said Jim Wyckoff, Senior Metals Analyst for Kitco Metals. Gold futures prices are hovering near a 5.5-year low, with December Comex gold last quoted down $4.00 at $1,080.90 an ounce. ‘A drop below the summertime low of $1,072.30, basis nearby Comex gold futures, would produce longer-term chart damage, to suggest a challenge of major psychological support at the $1,000.00 level in the coming weeks,’ said Wyckoff in an interview with Kitco News. Gold futures prices have been trending lower since the September 2011 all-time high of $1,923.70 an ounce. ‘Gold prices did briefly rally and push above unchanged in late morning trading. Bargain hunters stepped in to ‘buy the dip,’’ Wyckoff added. Kitco News, November 12, 2015.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...