Posted On: 09/12/2013 9:03:24 PM
Post# of 102866
Gold tumbles over $20, silver down over 50 cents
MADRID (MarketWatch) — Gold prices sank to levels not seen in around three weeks on Thursday, with reduced expectations for a strike on Syria and ahead investors settling in on the idea of tapering at the Federal Open Market Committee meeting next week. Gold for December delivery slid $25, or 1.8%, to $1,338.80 an ounce, with silver for the same month (CNS:SIZ3) dropping 58 cents, or 2.5%, to $22.60 an ounce. Ross Norman, CEO of Sharps Pixley, said key technical support levels of $1,357 and $1,350 an ounce have given way and opened up the market to more selling. “With things quieter on the Syria front and really not much to add on taper, the market is behaving quite technically just now and traders very much studying the charts.”
MADRID (MarketWatch) — Gold prices sank to levels not seen in around three weeks on Thursday, with reduced expectations for a strike on Syria and ahead investors settling in on the idea of tapering at the Federal Open Market Committee meeting next week. Gold for December delivery slid $25, or 1.8%, to $1,338.80 an ounce, with silver for the same month (CNS:SIZ3) dropping 58 cents, or 2.5%, to $22.60 an ounce. Ross Norman, CEO of Sharps Pixley, said key technical support levels of $1,357 and $1,350 an ounce have given way and opened up the market to more selling. “With things quieter on the Syria front and really not much to add on taper, the market is behaving quite technically just now and traders very much studying the charts.”
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