First though, a third touch of the $1179 line:
From Bloomberg:
Gold retreated to the lowest level in more than two weeks as a technical indicator used by some traders signaled further declines. Silver also fell.June futures $1288.20 down $9.60.
Bullion for June delivery fell as much as 0.9 percent to $1,281.80 an ounce, the lowest since April 2, and was at $1,287.10 an ounce at 7:12 a.m. on the Comex in New York. Prices lost 1.9 percent last week to $1,293.90, closing below the 200-day moving average.
The metal has pared this year’s advance to 7 percent as investors assessed prospects for further cuts to the Federal Reserve’s stimulus program amid signs of recovery in the world’s largest economy. While tension between Ukraine and Russia spurred gains in the past month, there has been little physical buying at current prices, according to Kate Harada, precious-metals general manager at Tanaka Kikinzoku Kogyo K.K. in Tokyo.
“Gold closed last week below its 200-day moving average, which is a bearish technical factor that may pressure the gold market,” said Liu Xu, a precious metals analyst at Capital Futures Co. in Beijing....MORE
