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Gold shows "no signs of support" as spot price tumbles again

Published 09/27/2017, 03:19 PM
Updated 09/27/2017, 03:19 PM
© Reuters. Gold shows "no signs of support" as spot price tumbles again
  • Gold tumbles to its lowest level since mid-August, amid rising expectations that the Fed will raise interest rates again this year.
  • December gold settled -1.1% at $1,287.80/oz., a day after posting its biggest one day loss in nearly two years.
  • Gold is "showing no signs of support," says Forex.com's Fawad Razaqzada. "For the second time in as many weeks, the metal is threatening to break the lower bound of key support between $1,290 and $1,295 [for spot pricing], an area which was formerly resistance.”
  • "Gold lost what it gained on North Korea [tensions] since Friday after Yellen's comments," says Yuichi Ikemizu at ICBC Standard Bank in Tokyo, but the North Korea situation "is more serious than the Fed's policies, so gold is supported [near current prices] and I expect prices to go back up to $1,300."
  • ETFs: GLD, GDX, NUGT, GGN, DUST, IAU, PHYS, SGOL, GOEX, UGLD, UGL, DGP, SGDM, GLL, GTU, GLDI, ASA, DZZ, OUNZ, RING, DGLD, DGL, TGLDX, DGZ, PSAU, GDXX, GYEN, GEUR, GLDW, UBG, GDXS, GHS, MELT, GHE, QGLDX, GOAU
  • Now read: Gold Miners Sure Are Flying High These Days

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