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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.”
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.”
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MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 2380.14 | +12.47 | |
Silver | 28.53 | +0.32 | |
Copper | 4.44 | +0.08 | |
Oil | 82.73 | +0.04 | |
Heating Oil | 2.58 | 0.00 | |
Natural Gas | 1.75 | +0.04 |
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