Posted On: 10/23/2013 2:31:47 PM
Post# of 103053
Gold settles lower in ‘corrective move’
SAN FRANCISCO (MarketWatch) — Gold futures closed lower on Wednesday, pulling back after closing a day earlier at their highest in almost five weeks. It’s just a “corrective move,” said Peter Grant, chief market analyst at precious-metals dealer USAGOLD. On a technical basis, after unsuccessfully challenging resistance at $1,343.50/$1,344.02, the market pulled back to the first level of support at $1,330/$1,327.55, he said. December gold (CNS:GCZ3) fell $8.60, or 0.6%, to settle at $1,334 an ounce on the Comex division of the New York Mercantile Exchange. Prices climbed 2% on Tuesday to finish at the highest level since Sept. 19, according to FactSet data.
SAN FRANCISCO (MarketWatch) — Gold futures closed lower on Wednesday, pulling back after closing a day earlier at their highest in almost five weeks. It’s just a “corrective move,” said Peter Grant, chief market analyst at precious-metals dealer USAGOLD. On a technical basis, after unsuccessfully challenging resistance at $1,343.50/$1,344.02, the market pulled back to the first level of support at $1,330/$1,327.55, he said. December gold (CNS:GCZ3) fell $8.60, or 0.6%, to settle at $1,334 an ounce on the Comex division of the New York Mercantile Exchange. Prices climbed 2% on Tuesday to finish at the highest level since Sept. 19, according to FactSet data.
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