Friday, September 13, 2013

Gold Falls Another $20.00, Bounces (a little)

Some of our readers may recognize that punchline from an old paratrooper joke.
$1311.80 last.
From Reuters:
PRECIOUS-Gold falls, heads for worst week since June on Fed, Syria

* Spot gold hits lowest level since Aug. 8 at $1,307.99/oz
* Investors focusing on Syria, Fed meeting next week
* Coming up: U.S. retail sales at 1230 GMT (Updates throughout, changes dateline from SINGAPORE)
By Clara Denina

LONDON, Sept 13 (Reuters) - Gold fell to a five-week low on Friday, heading for its worst week in two months on prospects the United States would curb its stimulus soon and as fears of a U.S.-led military attack on Syria recede.

The United States and Russia started talks on Thursday, trying to flesh out a Moscow plan to dispose of Syrian President Bashar al-Assad's chemical weapons.

Gold was quoted at $1,312.66 an ounce, down 0.6 by 1009 GMT. It hit its weakest since August 8 at $1,304.56 earlier. As technical support at 100 and 50 day moving averages (MA) has been broken, traders said that $1,307 should now provide a floor, but a consistent fall through that level would trigger further losses to around $1,275....MORE

We'll be back with some chartology later this morning.
From FinViz, today's action: