From Kitco:
Gold prices ended the U.S. day session down and hit a three-month low Monday. The market was pressured by technical selling pressure, including sell stops being triggered when chart support levels were breached. The surging U.S. dollar index, which hit another 13-month high Monday, was also an anchor for gold and silver.
December Comex gold was last down $13.10 at $1,254.20 an ounce. Spot gold was last quoted down $14.40 at $1,253.90. December Comex silver last traded down $0.176 at $18.98 an ounce.
There was no major U.S. economic data released Monday, which left gold and silver traders looking at technicals and outside markets for direction. The Nymex crude oil market slumped to a seven-month low Monday, which was another outside-market negative for the gold and silver markets.See also at Kitco:
In other news Monday, China’s trade surplus hit a record high in August, at $49.8 billion, and well above market expectations. China exports were reported up 9.2% in August, year-on-year, which is slightly better than expectations. Imports were down 2.4%. Falling raw commodity prices were a major contributor to China’s trade surplus. China is the world’s largest raw commodity importer.
Meantime, Japan’s economy contracted by 7.1% in the second quarter, year-on-year, it was reported Monday. The past few years have seen Japan, which is still a top-five world economy, become less of a factor in world economic and markets matters.
A holiday in Asia Monday had some Asian markets closed for the day....MORE
Technical Trading: Bear Channel Pattern Leaves Gold Vulnerable
December futures currently $1255.20.
