From Kitco:
Comex Gold Extends Slide On Technically Oriented Selling
U.S. gold futures are extending the losses from earlier this week Friday largely on technically oriented selling, traders said.While both of the "Money" metals are looking weak, silver in particular is interesting as it goes through what had been support:
As of 11:17 a.m. EDT, gold for August delivery was $12.10, or 1%, lower to $1,245 per ounce on the Comex division of the New York Mercantile Exchange. The contract bottomed at $1,243.70, its weakest level since February. July silver was down 24.9 cents, or 1.3%, to $18.765 an ounce.
“It’s technical more than anything else,” said Charles Nedoss, senior market strategist at LaSalle Futures Group.
The market dipped below the roughly $1,250-an-ounce level that was offering support after prior weakness this week. “You picked up some (sell) stops there,” Nedoss said. These are pre-placed orders activated when certain chart points are hit, either to book profits, exit a losing position or establish a fresh one....MORE
July futures $18.690 down 0.324
Previously:
May 13
Silver Is Very Close to a Breakdown
July futures $19.425 down 0.118....May 20
Silver Prices: A Trend Is Emerging
July futures $19.29 down 4.3 cents.More to come.
