Gold Ends Weaker, Hits 3-Month Low, as Charts Remain Firmly Bearish

By Paul Ploumis (ScrapMonster Author)

November 12, 2015 05:07:44 AM

(Kitco News) - Gold prices ended the U.S. day session modestly lower and dropped to another three-month low Wednesday.  Some chart consolidation was featured early in the day to keep prices holding around unchanged. However, the technical sellers stepped up as the session progressed to push prices below unchanged. December Comex gold was last down $3.20 at $1,085.30 an ounce. December Comex silver was last down $0.041 at $14.315 an ounce.

Overall trading activity in the U.S. was quieter Wednesday as it was the Veterans Day holiday, when most of the U.S. government and most banks were closed. Lower Nymex crude oil prices that were poised to close at a 2.5-month low close Wednesday were also a bearish “outside market” working against the precious metals bulls. The other outside market saw the U.S. dollar index weaker on a corrective pullback from recent strong gains that pushed prices to a 6.5-month high on Tuesday.

There was slightly downbeat economic data coming out of China Wednesday. China’s industrial production rose 5.6% in October, year-on-year, for the slowest pace in seven months. The reading was up 5.7% in September, year-on-year.

Courtesy: Kitco News