4 Sep 2013
2-week drawdown for gold below $1,400 key zone
FXstreet.com (Chicago) – Gold fell back below $1,400 key support at the opening of Wednesday’s session to continue plunging until hitting $1,388 lows).
Futures contracts recap
After failing from $1,415 daily highs, gold trades at $1,391.20 to accumulate 1.47% losses so far. Silver follows with 4.42% losses falling from $24.43 highs to trade at $23.35 (session lows). Platinum lost 2.74% and trades at $1,496 after declining from $1,540.10 highs and bouncing off $1,490.80 lows. Copper trades at $3.2470 and accumulates 2.70% daily losses so far. The metal had reached $720.20 highs and dropped to $693.70 lows. Finally, palladium trades below $700 level and is offered at $698.95 after falling from $720.20 highs and bouncing off $693.70 lows.
Syrian attack
The Syrian attack seems inevitable as President Obama has been able to gain support from key Republicans and political figures such as House Speaker John Boehner. Apparently, a 60-day intervention plan was reached last night with the possibility of a 30-day extension. Although no more clarity has been given in regards to when or how the attack will take place (logic in warfare situation), market participants take it easy on gold to drag it below $1,400 level for a nearly 2-week drop.
Futures contracts recap
After failing from $1,415 daily highs, gold trades at $1,391.20 to accumulate 1.47% losses so far. Silver follows with 4.42% losses falling from $24.43 highs to trade at $23.35 (session lows). Platinum lost 2.74% and trades at $1,496 after declining from $1,540.10 highs and bouncing off $1,490.80 lows. Copper trades at $3.2470 and accumulates 2.70% daily losses so far. The metal had reached $720.20 highs and dropped to $693.70 lows. Finally, palladium trades below $700 level and is offered at $698.95 after falling from $720.20 highs and bouncing off $693.70 lows.
Syrian attack
The Syrian attack seems inevitable as President Obama has been able to gain support from key Republicans and political figures such as House Speaker John Boehner. Apparently, a 60-day intervention plan was reached last night with the possibility of a 30-day extension. Although no more clarity has been given in regards to when or how the attack will take place (logic in warfare situation), market participants take it easy on gold to drag it below $1,400 level for a nearly 2-week drop.