Wednesday, May 25, 2016

"Gold Sees Follow-Through Selling, Hits 7-Week Low"

From Kitco:
Gold prices are modestly lower and scored a seven-week low in early U.S. trading Wednesday. Follow-through technical selling pressure is featured as the near-term technical postures for both gold and silver markets have significantly deteriorated this week. The precious metals bulls are wondering if their markets can once again show the resilience that had been seen in recent weeks, to stop the bleeding. The recent rally in the U.S. dollar index remains a bearish outside market force for the precious metals markets. June Comex gold futures were last down $4.20 an ounce at $1,224.90. July Comex silver was last up $0.10 at $16.35 an ounce.

Gold prices have shed about $75.00 an ounce this month, amid worries the U.S. Federal Reserve will raise interest rates in June. The June Fed rate-hike notions have been a bullish element for the U.S. dollar....MORE
Kitco spot price, $1221.70 off $5.70; June futures 1221.50 down $6.70:
May 24
"Gold Hits 4-Week Low; Firming U.S. Dollar Index Bearish"
May 23 
"This could send gold tumbling below $1,000 again, Citi says"
May 19 
Gold And Real Interest Rates: "Fed’s Dudley: June is Definitely a Live Meeting"
May 18 
"Gold Tanks After Fed Minutes"