How Low Are Gold Prices Going ?

How Low Are Gold Prices Going ?
How Low Are Gold Prices Going ?

Gold Futures—Gold futures in the December contract is trading lower for the 4th consecutive session down another $2 at 1,455 an ounce rallying off of session lows at 1,446 as this market is right near a 3 month low due to the fact that fund liquidation of gold continues and is undercutting gold prices as long gold positions in ETFs dropped to a 1-month low.

At the current time I am not involved in gold as my only precious metal recommendation is a bullish copper trade, however I do not see any reason to be a buyer of gold as I think the 1,400 level will be touched as all of the interest lies in the U.S equity market as the S&P 500 hit another all-time high today as I also have a bullish recommendation in that market as I don’t think that situation is going to change during the holiday season.

Platinum prices broke major support today as the whole sector looks to head lower as money flows continue to come out of bonds and gold while going into stocks as this trend clearly is to the downside as prices are trading far below their 20 and 100 day moving average telling you that the trend has turned negative.

If a trade agreement with China is finalized in the next several weeks that would be a very bearish fundamental factor towards gold and if you are short stay short as prices still look expensive in my opinion.





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