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Gold Ready To Mark Biggest Monthly Slump Since June

ByICN.com
Published 11/29/2013, 04:05 AM
Updated 07/09/2023, 06:31 AM

Bears are apparently still in control of the bullion market with the end of this week, as the yellow metal sets to post its biggest monthly slide in five months.

Gold has dropped more than 10% since September and remained below $1,300 for three weeks now. The spirits of U.S. thanksgiving have narrowed the bullion trade in the past few sessions, with traders marking their positions again and even shift their money to equity markets amid expectations of an early tapering of Federal Reserve`s bullion-friendly stimulus.

Spot Gold was nearly flat at $1,244.74early Friday, comparing with yesterday`s close at $1,244.07 an ounce. The day`s rangebound is so far between $1,240.60 and $1.245.45.

An unexpected drop in US jobless claims last week fueled bets the Fed will soon start scaling back its monthly $85 billion asset purchases. However, a separate report showed durable goods orders in reverse, indicating continued weakness in business investments and capital goods.

Judging how the economy is moving right now is difficult which easily makes US non-farm payrolls data, to be released December 6th, the biggest event ahead on the calendar, so the next push for prices could be early next month.

Technically, a thin rangebound is still dominating the yellow metal above 78.6% correction. Meanwhile, traders wait any upside confirmation with a breach above $1,252 resistance, while to the downside a breakout below 78.6% correction is required to extend bearish bias.

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