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Precious Metals Resume Slide Due To Stronger Dollar

By  |  Commodities  |  Oct 31, 2013 09:15AM GMT  |   Add a Comment
Precious Metals Resume Slide Due To Stronger Dollar
By   |  Oct 31, 2013 09:15AM GMT

Gold extended drop early Thursday as the dollar strengthened after the Federal Reserve quelled tapering concerns about its billion-friendly stimulus program.

The precious metals markets eased for the third day, with the dollar swinging higher after the Federal Open Market Committee's (FOMC) decision to hold monetary policy in place. The Fed sounded a bit less optimism about economic growth as it announced plans to keep buying $85 billion in bond per month, in a widely expected decision yesterday.

Spot Gold was down 0.66% at $1,335.68 an ounce as of 03:28 ET today, compared with yesterday's close at $1,344.55 in New York. The day`s range is so far between $1,333.11 and $1,344.71.

The dollar stood near its highest level in two weeks against six-currency basket, having extended gains after the FOMC announcement. The USDIX was up 0.10% at 79.84 in late Asian trade, almost near two-week high of 79.95 hit yesterday.

Spot Silver fell 2.78% to $22.40 extending its sharp slump. Spot Platinum was down 1.27% at $1,461.20, while Spot Palladium fell 0.44% to $743.85.

Meanwhile, gold is trading below the SMA 50 so we might see some mild bearish pressure on MACD and RSI 14, adding to signs the bullish momentum could lost further momentum. However, a break below 1,318-SMA 20 will bring the bearish picture back into focus.

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