Jon Nadler from Kitco Bullion Dealers told MarketWatch that today's action for gold had prices on a seesaw, as the metal first appeared to remain on a lower track on the open, then surged on a plunge in durable goods orders, and finally gave up those gains after crude-oil data was released. For those prone to motion sickness, I hope you took your Dramamine. When all was said and done, December-dated gold finished the day with a loss of $3.30, settling at $735.50 an ounce. The intraday high for the malleable metal stood at $744.20. The dollar strengthened a bit, which contributed to some of the precious metal's drop. The stronger dollar combined with a decline in crude futures to drag gold lower. Other metals finished the day mixed.
Nadler noted that some market participants still expect a more substantial dip in order to remain comfortable with the metals' bullish near-term projections. Nadler also noted that several notable advisers are now recommending that clients start selling profitable positions at these levels and go on standby or pour the proceeds into other metals.