Gold fall

It`s not a rush to safeheaven. Gold falls and it`s below the very important psycological support at $1300! People thought that if we saw a shutdown then the strong support at $1300 would be a great chance to buy, but that is not the case now.

So far, silver is down 3,5%, with copper and other base metals drops about 2%. China is a big buyer and they have holiday all this week, and that is a huge lack of demand. People seems to be interesting in raising cash too.

Gold is below the 100 day moving average ($1339), and silver is also below the 100 day moving average ($21,52). Next levels for the gold is $1290 and if that is broken, the next level is $1271. December Comex gold was last down $37.40 at $1,289.90 an ounce.

Today, I will look at these news: ADP Non-Farm Employment Change at 8:15am, Crude Oil Inventories at 10:30am, Fed Chairman Bernanke Speaks at 3:30pm

gold_price_wobbles_as_liquidation_intensifies

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Shiny bull. The author has made every effort to ensure accuracy of information provided; however, neither Shiny bull nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Shiny bull and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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