Gold & Precious Metals Lower In Bloodbath Today
Precious Metal Futures-- The precious metals today are finishing the week off on a very sour note due to the fact of a poor monthly unemployment number which came out at 7:30 this morning adding only 80,000 new jobs which was disappointing to the market sending the U.S dollar sharply higher against the Euro currency causing all of the precious metals to trade sharply lower in today's trading session while gold for the week did finish down about $25 after the large run up on last Fridays EU agreement sending gold higher by nearly $50 and continuing its incredibly choppy trade over the last couple of months with major support around 1,550 settling today around 1,579 an ounce. Silver futures for the September contract trading right around $27 an ounce down around $.40 for the week still stuck in a sideways channel between $28 and $26 looking to find a trend however at this point I still advise to stay away from silver and gold due to the fact that they are choppy markets with no trend and wait for a breakout to develop before entering. Copper futures for the week finished down around 800 points after hitting a fresh six week high last Friday on renewed economic outlooks across the world currently trading in the September contract at 341.50 a pound and trading is highs 355 earlier in the week. I believe that the precious metals are bottoming at these levels , however I would still wait for a break out to the upside, but at this point keep an eye on the metals if the Euro currency can ever stabilize especially with QE3 possibly coming down in the next two months prices could be attractive at these levels.
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