US Gold futures slipped in pit trade Tuesday after stronger-than-forecast US economic data posted, marking under 1600 for the first time in 1.5 wks, it quickly recovered back above 1600.
Gold for Dec delivery finished -11.20, or 0.7%, at 1,601.40 oz.
Spot Gold finished -10.25 at 1,599 oz.
Comex September Silver finished - 0.052, or 0.2%, at 27.715 oz.
London PM fixing was 1,597.75, vs the AM fixing at 1,614.50.
WTI Crude Oil 93.44 +0.71 ( 0.77%)
The market dipped after the US data was thought to lessen the probability of any kind of imminent QE3-type initiatives from the FOMC said one analyst.
The fall in prices occurs as the market waits to see if the FOMC offers more stimulus, so far the European Central Bank has not announed any further measures to help deal with debt issues on the continent.
Gold was near steady to slightly higher overnight, but then turned south after the Commerce Department reported that US retail sales increased by 0.8% in July, the most since February.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.