Market Commentary – September 24, 2014 In the another blow to the bulls in the gold market, at the present time even air strikes in the Middle East cannot promote any near term buying in the precious metals market. There was some trepidation yesterday about the lack of follow through during the New York hours after gold’s move higher in early Europe. Those concerns now appear to have been well founded. Gold opened at $1223 in the Far East and could only get to $1225 (the day high) before Europe took it slightly lower on their opening before retrying the $1225 high. After that, weaker economic data out the EuroZone began to pressure gold, falling to $1218 as New York was getting started. Gold fared no better there, first moving higher on nervous buying then retreating in mid-morning following a surprisingly good Home Sales number of 504K units (cons. 430K). Gold slipped to $1217 and languished for the rest of the day, remaining under pressure as the U.S. Dollar made a four year high on the continuing positive economic news, closing at $1216. 8:30am brings Jobless Claims – cons. 300K 9:45am offers us PMI Services Index (Flash) for Sept. – cons. 61 Michael Mikolay Disclaimer – Statements of news and current events on this web site, and financial, economic, political and market information on this web site (individually and collectively “Content”) are not intended to and do not constitute investment advice and are not intended to and do not constitute a prediction of the future course of the economy or the market for precious metals. The accuracy, completeness, adequacy or currency of the Content is not warranted or guaranteed in any way. Your use of Content on this web site or materials linked from this web site is at your own risk.
Posted on: Thu, 25 Sep 2014 01:47:52 +0000
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