Gold, Silver Hit Hard by Profit Taking, “Weak-handed Longs”

Gold took a steep fall today, dropping from Friday’s close of $1,338.60 per ounce to a low of $1,305.40 early this morning. Kitco’s Jim Wyckoff attributes the decline to “heavy profit taking and capitulation by weak-handed longs.”

As quoted in the market news:

The sell-off accelerated shortly after the Comex futures market opened in early U.S. trading, which suggests a big sell order hit the futures market at that time. August Comex gold was last down $30.60 at $1,307.00 an ounce. Spot gold was last quoted down $33.00 at $1,306.50. December Comex silver last traded down $0.533 at $20.99 an ounce.

Wyckoff believes that gold and silver bulls “need to recover very quickly to avoid near-term chart damage. Price action Tuesday and Wednesday will be extra important for the gold and silver markets.”

Click here to read the full report from Wyckoff.

Get the Latest Silver Investing Stock Information

Get the latest information about companies associated with Silver Investing delivered directly to your inbox.

Silver
Silver $0-15m
Silver $15-50m
Silver $250m+
Silver $50-250m

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

Is-Gold-a-Good-Investment-Gold-Price-Forecast-2015There is no guide to gold that is more concise, clear and authoritative. Download our FREE Special Report, Is Gold a Good Investment? Gold Price Forecast 2015.
Comments

Leave a Reply